The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 1.6 percent decline. This comes on the heels of a 4.1 percent increase the week before. Chinese 304 stainless steel scrap remained essentially flat from the previous week. Prices for Chinese 316 stainless steel scrap remained constant, closing the week. Chinese 304 stainless coil traded sideways last week. Chinese 316 stainless coil prices held steady from the previous week.
Chinese ferro-chrome remained unchanged for the week. The price of Chinese ferro-moly did not change since the previous week.
The week finished with no movement for Korean 430 stainless steel coil. Korean 304 stainless coil remained unchanged for the week.
Last week, the cash price of primary Indian nickel increased by a slight 1.6 percent. On the LME, the 3-month price of nickel ticked up 1.0 percent over the past week to $14,710 per metric ton. The nickel spot price rose 1.0 percent on the LME over the past week to $14,630 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.