Nickel, among other key base metals, fell on the LME this week as many reached key levels.
India renewed its push for import duties on imports of Russian and Chinese stainless steel.
After drifting 6.4%, the Indian nickel cash price dropped to INR 865.10 ($13.91) per kilogram making it the biggest mover on the weekly Stainless MMI® this week. The spot price of nickel fell to $13,925 per metric ton after a 5.5% decrease on the LME from the previous week. The nickel 3-month price saw a 5.2% drop-off this week on the LME to $13,980 per metric ton.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 10,950 ($1,750) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 82,000 ($13,107) per metric ton.
The price of Chinese primary nickel closed last week at CNY 106,900 ($17,087) per metric ton, after a 0.6% drop. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 9,450 ($1,511) per metric ton. At CNY 13,050 ($2,086) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. Chinese 304 stainless coil traded sideways last week, hovering around CNY 16,700 ($2,669) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 23,700 ($3,788) per metric ton.
At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week. Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for the Allegheny Ludlum 304 stainless surcharge closed flat at $0.70 per pound. The Allegheny Ludlum 316 stainless surcharge stayed essentially flat at $0.94 per pound.
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.