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, after a 0.5 percent drop.
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 remained essentially flat from the previous week.
Following a 0.6 percent increase in the week prior, the price of Chinese primary nickel fell 0.6 percent last week. Prices for Chinese 304 stainless steel scrap remained constant. Chinese 316 stainless steel scrap prices held steady from the previous week. Chinese 304 stainless coil remained unchanged for the week. Following a steady week, prices for Chinese 316 stainless coil closed flat.
Korean 430 stainless steel coil traded sideways last week. 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.