The biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 3.1 percent increase. This comes on the heels of a 2.5 percent decline the week prior.
The spot price of nickel fell 2.1 percent on the LME to $13,750 per metric ton after rising 1.2 percent the week before. Following a 1.1 percent increase in the week prior, the nickel 3-month price fell 2.0 percent on the LME last week to $13,850 per metric ton.
Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant. The week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel fell 1.2 percent after rising 1.4 percent the week before. Chinese 304 and 316 stainless steel coil and scrap remained essentially flat from the previous week.
Prices for Korean 430 stainless steel coil remained constant. Korean 304 stainless coil remained unchanged for the week.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.