Following a 1.2 percent on the LME decline to $13,695 per metric ton, the 3-month price of nickel finished as the week’s biggest mover on the weekly Stainless MMI®. The spot price of nickel saw a 1.1 percent drop this week on the LME, closing at $13,625 per metric ton. The cash price of primary Indian nickel rose 0.2 percent to INR 859.90 ($13.88) per kilogram after falling 2.1 percent during the previous week.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,355) per metric ton. Chinese ferro-moly remained essentially flat from the previous week at CNY 145,000 ($23,680) per metric ton.
The price of Chinese primary nickel closed last week at CNY 97,400 ($15,906) per metric ton, after a 0.2 percent drop. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,678) per metric ton. At CNY 16,100 ($2,629) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. Chinese 304 stainless coil traded sideways last week, hovering around CNY 16,400 ($2,678) per metric ton. At CNY 26,000 ($4,246) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.
Closing at KRW 2.6 million ($2,376) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. 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.