Stainless MMI®: Spot Price of Nickel Falls for Third Straight Week

The week’s biggest mover on the weekly Stainless MMI® was the nickel spot price, which saw a 1.0 percent decline on the LME to $13,900 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the 3-month price of nickel dropped by 0.9 percent on the LME, finishing at $13,975 per metric ton. The cash price of primary Indian nickel closed last week at INR 890.60 ($14.30) per kilogram, after a 0.5 percent drop.

Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,372) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly remained essentially flat from the previous week at CNY 145,000 ($23,963) per metric ton.

Following a 0.6 percent increase in the week prior, the price of Chinese primary nickel fell 0.6 percent last week to CNY 95,700 ($15,815) per metric ton. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,710) per metric ton. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,100 ($2,661) per metric ton. Closing at CNY 16,400 ($2,710) per metric ton, Chinese 304 stainless coil remained unchanged for the week. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,000 ($4,297) per metric ton.

Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. At KRW 4.2 million ($3,881) per metric ton, the week finished with no movement for Korean 304 stainless coil.

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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