The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 2.6 percent decline on the LME to $13,775 per metric ton. This comes on the heels of a 3.9 percent increase the week before. Following a 4.0 percent increase in the week prior, the nickel 3-month price fell 2.4 percent on the LME last week to $13,860 per metric ton. The Indian nickel cash price fell 2.1 percent to INR 858.10 ($13.86) per kilogram after rising 1.0 percent the week before.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,356) per metric ton. Closing at CNY 145,000 ($23,685) per metric ton, Chinese ferro-moly remained unchanged for the week.
Following a 0.5 percent increase in the week prior, the price of Chinese primary nickel fell 0.2 percent last week to CNY 97,600 ($15,942) per metric ton. At CNY 16,400 ($2,679) per metric ton, the week finished with no movement for Chinese 304 stainless steel scrap. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,630) per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 16,400 ($2,679) per metric ton. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,247) per metric ton.
At KRW 2.6 million ($2,376) per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Korean 304 stainless coil prices held steady from the previous 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.