Stainless MMI®: Cash Price of Primary Indian Nickel Falls 2.6% for the Week

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Metal Prices, Premium

The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 2.6 percent decline to INR 859.40 ($13.64) per kilogram. This comes on the heels of a 1.4 percent increase the week before. The 3-month price of nickel fell 1.2 percent on the LME over the past week to $13,500 per metric ton. This was the fourth week in a row of declining prices. The spot price of nickel fell 1.1 percent on the LME over the past week to $13,420 per metric ton. This was the fourth week in a row of declining prices.

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome traded sideways last week, hovering around CNY 8,300 ($1,362) per metric ton. At CNY 145,000 ($23,792) per metric ton, the price of Chinese ferro-moly did not change since the previous week.

The price of Chinese primary nickel fell 1.2 percent over the past week to CNY 95,100 ($15,604) per metric ton. This was the fourth week in a row of declining prices. Closing at CNY 16,400 ($2,691) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. At CNY 16,100 ($2,642) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 16,400 ($2,691) per metric ton. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,266) per metric ton.

Korean 430 stainless steel coil remained essentially flat from the previous week at 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.

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