The week’s biggest mover on the weekly Stainless MMI® was the 3-month price of nickel, which saw a 8.0 percent decline on the LME to $13,680 per metric ton. This comes on the heels of a 2.4 percent increase the week before. Following a 2.4 percent increase in the week prior, the nickel spot price fell 7.6 percent on the LME last week to $13,650 per metric ton. The Indian nickel cash price rose 2.8 percent to INR 930.00 ($14.12) per kilogram after falling 2.4 percent during the previous week.
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 ($23,692) per metric ton.
The price of Chinese primary nickel fell 5.8 percent to CNY 97,500 ($15,931) per metric ton after rising 1.6 percent the week before. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,680) per metric ton. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,631) per metric ton. At CNY 16,400 ($2,680) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Closing at CNY 26,000 ($4,248) per metric ton, Chinese 316 stainless coil remained unchanged for the week.
Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) 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.