The Indian nickel cash price saw the largest upwards shift on the weekly Stainless MMI®, rising 3.3 percent to settle. 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. The price of Chinese ferro-chrome did not change since the previous week. The week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel fell 0.4 percent after rising 2.6 percent the week before. Prices for Chinese 304 stainless steel scrap remained constant. Chinese 316 stainless steel scrap remained essentially flat from the previous week. Chinese 304 stainless coil remained unchanged for the week. Chinese 316 stainless coil traded sideways last week.
Korean 430 stainless steel coil prices held steady from the previous week. Following a steady week, prices for Korean 304 stainless coil closed flat.
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.