The Indian nickel cash price saw the largest upwards shift on the weekly Stainless MMI®, rising 3.3 percent to settle at INR 915.30 ($14.71) per kilogram. The spot price of nickel rose 0.8 percent on the LME over the past week to $14,510 per metric ton. This was the fifth week in a row of increasing prices. The nickel 3-month price rose 0.6 percent on the LME this week, closing out the fifth consecutive week of elevating prices at $14,570 per metric ton.
Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,362) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. At CNY 145,000 ($23,786) per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel fell 0.4 percent to CNY 100,100 ($16,421) per metric ton after rising 2.6 percent the week before. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,690) per metric ton. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,100 ($2,641) per metric ton. Closing at CNY 16,400 ($2,690) per metric ton, Chinese 304 stainless coil remained unchanged for the week. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,000 ($4,265) per metric ton.
Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. 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.