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 after falling 5.0 percent during the previous week.
Chinese stainless steel prices were mixed for the week. The week finished with no movement for Chinese ferro-chrome. 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. Chinese 304 stainless steel scrap remained essentially flat from the previous week. Chinese 316 stainless steel scrap prices held steady from the previous week. Following a steady week, prices for Chinese 304 stainless coil closed flat. Prices for Chinese 316 stainless coil remained constant.
Korean 430 stainless steel coil traded sideways last week. Korean 304 stainless coil prices held steady from the previous 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.