The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 1.7 percent increase on the LME to $14,030 per metric ton. This week marked the third in a row of rising prices for the metal. The spot price of nickel rose 1.5 percent on the LME this week, closing out the third week at $13,960 per metric ton. The cash price of primary Indian nickel rose 1.4 percent to INR 862.70 ($14.12) per kilogram after falling 1.1 percent during the previous week.
Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week at CNY 8,300 ($1,361) per metric ton. Chinese ferro-moly remained essentially flat from the previous week at CNY 145,000 ($23,771) per metric ton.
Last week, the price of Chinese primary nickel shifted slightly, rising by 0.6 percent to close at CNY 98,000 ($16,066) per metric ton. Chinese 304 stainless steel scrap prices held steady from the previous week at CNY 16,400 ($2,689) per metric ton. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 16,100 ($2,639) per metric ton. At CNY 16,400 ($2,689) per metric ton, the week finished with no movement for Chinese 304 stainless coil. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,000 ($4,262) 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. 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.