Stainless MMI®: Largest Weekly Gain Goes to Cash Price of Primary Indian Nickel

Rising 3.3 percent to INR 899.50 ($14.40) per kilogram, the cash price of primary Indian nickel saw the largest increase on the weekly Stainless MMI® this week. On the LME, a 0.5 percent gain landed the nickel spot price at $14,065 per metric ton. The 3-month price of nickel rose 0.4 percent on the LME over the past week to $14,140 per metric ton.

Chinese stainless steel prices were flat for the week. Prices for Chinese ferro-chrome remained constant, closing the week at CNY 8,300 ($1,367) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,882) per metric ton.

The price of Chinese primary nickel closed at CNY 95,700 ($15,762) per metric ton after a flat week. At CNY 16,400 ($2,701) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 16,100 ($2,652) per metric ton. At CNY 16,400 ($2,701) per metric ton, the week finished with no movement for Chinese 304 stainless coil. Closing at CNY 26,000 ($4,282) per metric ton, Chinese 316 stainless coil remained unchanged for the week.

Korean 430 stainless steel coil traded sideways last week, hovering around 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.