Rising 3.3 percent, 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. Chinese ferro-moly prices held steady from the previous week.
The price of Chinese primary nickel closed after a flat week. 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. The week finished with no movement for Chinese 304 stainless coil. Chinese 316 stainless coil remained unchanged for the week.
Korean 430 stainless steel coil traded sideways last week, to hover. 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.