The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 4.0 percent increase on the LME to $14,200 per metric ton. This comes on the heels of a 0.2 percent decline the week prior. The spot price of nickel rose 3.9 percent on the LME to $14,140 per metric ton after falling 0.3 percent during the previous week. The Indian nickel cash price rose 1.0 percent to INR 876.70 ($14.10) per kilogram after falling 6.7 percent during the previous week.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,356) per metric ton. Closing at CNY 145,000 ($23,689) per metric ton, Chinese ferro-moly remained unchanged for the week.
The price of Chinese primary nickel rose 0.5 percent to CNY 97,750 ($15,970) per metric ton after falling 0.2 percent during the previous week. At CNY 16,400 ($2,679) per metric ton, the week finished with no movement for Chinese 304 stainless steel scrap. At CNY 16,100 ($2,630) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 16,400 ($2,679) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,000 ($4,248) per metric ton.
Following a steady week, prices for Korean 430 stainless steel coil closed flat at KRW 2.6 million ($2,376) per metric ton. Prices for Korean 304 stainless coil remained constant, closing the week 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.