Nickel’s strength showed no sign of slowing this week on the Stainless MMI. Chinese stainless manufacturers Baosteel and Taigang Stainless both raised prices in an attempt to keep up with nickel costs that have risen recently. The 3-month price of nickel on the LME closed on Friday at $15,480 per metric ton, recording a new nine-month high.
The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 4.3 percent increase to CNY 105,800 ($17,036) per metric ton. This comes on the heels of a 0.8 percent decline the week prior. At CNY 16,400 ($2,641) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,100 ($2,592) per metric ton. At CNY 16,400 ($2,641) per metric ton, the week finished with no movement for Chinese 304 stainless coil. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,187) per metric ton.
Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,337) per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 145,000 ($23,349) per metric ton.
Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton. Closing at KRW 2.6 million ($2,376) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. The Allegheny Ludlum 304 stainless surcharge closed at $0.72 per pound after a flat week. Following a steady week, prices for the Allegheny Ludlum 316 stainless surcharge closed flat at $0.98 per pound.
The Indian nickel cash price rose 4.3 percent to INR 1,000.00 ($16.56) per kilogram after falling 1.6 percent during the previous week. Finishing the fourth week of rising prices, the spot price of nickel increased by 1.2 percent on the LME, finishing at $16,140 per metric ton. The 3-month price of nickel rose 0.9 percent on the LME over the past week to $16,190 per metric ton. This was the fourth week in a row of increasing prices.
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.