The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 3.0 percent increase on the LME to $14,225 per metric ton. This comes on the heels of a 0.3 percent decline the week prior. The nickel 3-month price settled at $14,260 per metric ton this week after shifting up 2.7 percent on the LME. The cash price of primary Indian nickel rose 2.6 percent over the past week.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained unchanged for the week. Chinese ferro-moly remained essentially flat from the previous week.
Following a 0.3 percent drop, the price of Chinese primary nickel finished the week. Chinese 304 stainless steel scrap traded sideways last week. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat. Chinese 304 stainless coil prices held steady from the previous week. Prices for Chinese 316 stainless coil remained constant.
Korean 430 stainless steel coil did not change since the previous 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.