The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 2.8 percent decline on the LME to $13,660 per metric ton. This week marked the third in a row of declining prices for the metal. The nickel spot price fell 2.7 percent on the LME over the past week to $13,575 per metric ton. This was the third week in a row of declining prices. The Indian nickel cash price rose 1.4 percent to INR 882.00 ($13.99) per kilogram after falling 5.0 percent during the previous week.
Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,362) per metric ton, the week finished with no movement for Chinese ferro-chrome. At CNY 145,000 ($23,795) per metric ton, the price of Chinese ferro-moly did not change since the previous week.
Closing out the third week of declining prices, the price of Chinese primary nickel dropped by 2.5 percent, finishing at CNY 96,250 ($15,795) per metric ton. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 16,400 ($2,691) per metric ton. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,100 ($2,642) per metric ton. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,400 ($2,691) per metric ton. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,267) per metric ton.
Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. Korean 304 stainless coil prices held steady from the previous week 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.