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. 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. The price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly remained unchanged for the week.
The price of Chinese primary nickel closed last week, after a 1.4 percent drop. Chinese 304 stainless steel scrap traded sideways last week. The week finished with no movement for Chinese 316 stainless steel scrap. Following a steady week, prices for Chinese 304 stainless coil closed flat. Chinese 316 stainless coil remained essentially flat from the previous week.
Korean 430 stainless steel coil traded sideways last week. 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.