Stainless MMI®: 3-Month Price of Nickel Sees 1.7% Shift

The nickel 3-month price saw the biggest increase on the weekly Stainless MMI® this week, rising 1.7 percent on the LME and settling at $14,080 per metric ton. The nickel spot price rose 1.6 percent on the LME over the past week to $14,000 per metric ton. The cash price of primary Indian nickel ticked up 1.2 percent over the past week to INR 870.90 ($14.05) per kilogram.

Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,367) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly traded sideways last week, hovering around CNY 145,000 ($23,885) per metric ton.

A 1.1 percent gain landed the price of Chinese primary nickel at CNY 95,750 ($15,772) per metric ton. At CNY 16,400 ($2,701) per metric ton, the week finished with no movement for Chinese 304 stainless steel scrap. Closing at CNY 16,100 ($2,652) per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. Prices for Chinese 304 stainless coil remained constant, closing the week at CNY 16,400 ($2,701) per metric ton. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,000 ($4,283) per metric ton.

Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. Korean 304 stainless coil remained essentially flat 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.