Stainless MMI®: Largest Weekly Gain Goes to US 316 Allegheny Ludlum Surcharge

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,363) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,804) per metric ton.

The price of Chinese primary nickel fell 1.5 percent over the past week to CNY 93,650 ($15,374) per metric ton. This was the third week in a row of declining prices. Following a steady week, prices for Chinese 304 stainless steel scrap closed flat at CNY 16,400 ($2,692) per metric ton. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 16,100 ($2,643) per metric ton. At CNY 16,400 ($2,692) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. At CNY 26,000 ($4,268) per metric ton, the week finished with no movement for Chinese 316 stainless coil.

Closing at KRW 2.6 million ($2,376) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton.

At $13,335 per metric ton, the nickel 3-month price finished the week down 1.2 percent on the LME. Closing out the third week of declining prices, the spot price of nickel dropped by 1.2 percent on the LME, finishing at $13,260 per metric ton. For the third week in a row, the cash price of primary Indian nickel dropped, falling 1.1 percent to INR 850.10 ($13.62) per kilogram.

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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