Stainless MMI®: Cash Price of Primary Indian Nickel Falls 1.1% for the Week

The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 1.1 percent decline to INR 850.70 ($13.84) per kilogram. This comes on the heels of a 0.2 percent increase the week before. The nickel spot price rose 1.0 percent on the LME to $13,755 per metric ton after falling 1.1 percent during the previous week. The nickel 3-month price rose 0.8 percent on the LME to $13,800 per metric ton after falling 1.2 percent during the previous week.

Chinese stainless steel prices were flat for the week. Closing at CNY 8,300 ($1,357) per metric ton, Chinese ferro-chrome remained unchanged for the week. Chinese ferro-moly remained essentially flat from the previous week at CNY 145,000 ($23,712) per metric ton.

This past week, the price of Chinese primary nickel kept quiet, holding at at CNY 97,400 ($15,928) per metric ton. At CNY 16,400 ($2,682) per metric ton, the week finished with no movement for Chinese 304 stainless steel scrap. At CNY 16,100 ($2,633) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Prices for Chinese 304 stainless coil remained constant, closing the week at CNY 16,400 ($2,682) per metric ton. Chinese 316 stainless coil prices held steady from the previous week at CNY 26,000 ($4,252) 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. Korean 304 stainless coil traded sideways last week, hovering around 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.

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