The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 2.6 percent decline. 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. 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. This was the fourth week in a row of declining prices. Chinese 304 stainless steel scrap remained unchanged for the week. The week finished with no movement for Chinese 316 stainless steel scrap. Chinese 304 stainless coil remained essentially flat from the previous week. Prices for Chinese 316 stainless coil remained constant.
Korean 430 stainless steel coil remained essentially flat from the previous 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.