Weekly Stainless MMI®: Nickel Falls

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Metal Prices, Premium

Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,356) per metric ton, the week finished with no movement for Chinese ferro-chrome. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,684) per metric ton.

Following a 2.8 percent increase in the week prior, the price of Chinese primary nickel fell 1.1 percent last week to CNY 101,950 ($16,652) per metric ton. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 16,400 ($2,679) per metric ton. At CNY 16,100 ($2,630) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,400 ($2,679) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,000 ($4,247) per metric ton.

Closing at KRW 2.6 million ($2,376) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton.

The Indian nickel cash price rose 2.2 percent this week, closing out the third week at INR 927.80 ($14.38) per kilogram. The spot price of nickel fell 1.5 percent on the LME to $14,430 per metric ton after rising 3.5 percent the week before. Following a 3.6 percent increase in the week prior, the 3-month price of nickel fell 1.3 percent on the LME last week to $14,530 per metric ton.

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.