Stainless MMI®: Spot Price of Nickel Rises 3.9% for the Week

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Metal Prices, Premium

The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 3.9 percent increase on the LME to $13,780 per metric ton. This comes on the heels of a 1.2 percent decline the week prior. The nickel 3-month price rose 3.8 percent on the LME to $13,840 per metric ton after falling 1.2 percent during the previous week. The cash price of primary Indian nickel rose 1.2 percent to INR 860.70 ($13.97) per kilogram after falling 1.1 percent during the previous week.

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,362) per metric ton. At CNY 145,000 ($23,797) per metric ton, the week finished with no movement for Chinese ferro-moly.

The price of Chinese primary nickel rose 1.2 percent to CNY 94,750 ($15,550) per metric ton after falling 1.5 percent during the previous week. Closing at CNY 16,400 ($2,692) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. At CNY 16,100 ($2,642) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 16,400 ($2,692) per metric ton. Closing at CNY 26,000 ($4,267) per metric ton, Chinese 316 stainless coil remained unchanged for the week.

At KRW 2.6 million ($2,376) per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. 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.

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