The week’s biggest mover on the weekly Stainless MMI® was the 3-month price of nickel, which saw a 3.2 percent increase on the LME to $14,480 per metric ton. Last week marked the fourth in a row of rising prices for the metal. Closing out the third week of rising prices, the spot price of nickel increased by 3.2 percent on the LME, landing at $14,400 per metric ton. The Indian nickel cash price shifted up 2.7 percent to close at INR 886.30 ($14.42) per kilogram this week.
Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week at CNY 8,300 ($1,365) per metric ton. At CNY 145,000 ($23,843) per metric ton, the price of Chinese ferro-moly did not change since the previous week.
The price of Chinese primary nickel rose 2.6 percent over the past week to CNY 100,500 ($16,526) per metric ton. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 16,400 ($2,697) per metric ton. Closing at CNY 16,100 ($2,647) per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. Chinese 304 stainless coil prices held steady from the previous week at CNY 16,400 ($2,697) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,000 ($4,275) per metric ton.
At KRW 2.6 million ($2,376) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. 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.