The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 5.0 percent decline to INR 869.60 ($13.83) per kilogram. This comes on the heels of a 3.3 percent increase the week before. Following a 0.8 percent increase in the week prior, the spot price of nickel fell 3.9 percent on the LME last week to $13,945 per metric ton. The nickel 3-month price fell 3.5 percent on the LME to $14,055 per metric ton after rising 0.6 percent the week before.
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. Closing at CNY 145,000 ($23,800) per metric ton, Chinese ferro-moly remained unchanged for the week.
The price of Chinese primary nickel closed last week at CNY 98,700 ($16,200) per metric ton, after a 1.4 percent drop. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,692) per metric ton. At CNY 16,100 ($2,643) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,400 ($2,692) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 26,000 ($4,268) per metric ton.
Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the 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.