The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 3.0 percent increase on the LME to $17,075 per metric ton. This comes on the heels of a 1.1 percent decline the week prior. The nickel spot price rose 2.8 percent on the LME to $16,980 per metric ton after falling 1.2 percent during the previous week. The cash price of primary Indian nickel rose 2.8 percent over the past week to INR 926.30 ($17.04) per kilogram.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,336) per metric ton. At CNY 145,000 ($23,331) per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel rose 1.8 percent to CNY 119,800 ($19,276) per metric ton after falling 0.3 percent during the previous week. Chinese 316 stainless steel scrap fell 0.6 percent over the past week to CNY 16,100 ($2,591) per metric ton. After a 0.6 percent decline, Chinese 304 stainless steel scrap closed out the week at CNY 17,600 ($2,832) per metric ton. Chinese 304 stainless coil prices were off slightly at CNY 17,600 ($2,832) per metric ton, down from CNY 17,700 ($2,844) a week ago. At CNY 26,500 ($4,264) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.
Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. Prices for Korean 304 stainless coil remained constant, closing the week at KRW 4.2 million ($3,881) 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.