Stainless MMI®: Cash Price of Primary Indian Nickel Falls 6.7% for the Week

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Metal Prices, Premium

The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 6.7 percent decline to INR 867.70 ($13.64) per kilogram. This comes on the heels of a 2.8 percent increase the week before. The nickel spot price fell 0.3 percent on the LME over the past week to $13,615 per metric ton. This was the fourth week in a row of declining prices. The nickel 3-month price fell 0.2 percent on the LME over the past week to $13,650 per metric ton. This was the fourth week in a row of declining prices.

Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,357) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,705) per metric ton.

The price of Chinese primary nickel fell 0.2 percent over the past week to CNY 97,300 ($15,907) per metric ton. This was the fourth week in a row of declining prices. Following a steady week, prices for Chinese 304 stainless steel scrap closed flat at CNY 16,400 ($2,681) per metric ton. Closing at CNY 16,100 ($2,632) per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. Prices for Chinese 304 stainless coil remained constant, closing the week at CNY 16,400 ($2,681) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 26,000 ($4,251) per metric ton.

Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous 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.

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