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.
Chinese stainless steel prices were mixed for the week. The price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly traded sideways last week.
A 1.1 percent gain landed the price of Chinese primary nickel. The week finished with no movement for Chinese 304 stainless steel scrap. Chinese 316 stainless steel scrap remained unchanged for the week. Prices for Chinese 304 stainless coil remained constant. Following a steady week, prices for Chinese 316 stainless coil closed flat.
Korean 430 stainless steel coil prices held steady from the previous week. Korean 304 stainless coil remained essentially flat from the previous 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.