The week’s biggest mover on the Stainless MMI® was the price of Chinese 316 stainless steel scrap, which saw a 2.8 percent increase to CNY 18,200 ($2,886) per metric ton. This comes on the heels of a 3.8 percent decline the week prior.
The price of Chinese primary nickel rose 1.9 percent to CNY 133,000 ($21,147) per metric ton after falling 0.8 percent during the previous week. Chinese 316 stainless coil saw a 1.6 percent decline over the past week to CNY 31,500 ($5,008) per metric ton. Closing at CNY 18,600 ($2,957) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 18,600 ($2,957) per metric ton.
Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,319) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,055) per metric ton.
At KRW 2.6 million ($2,261) per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,693) per metric ton.
The 3-month price of nickel rose 2.2 percent on the LME to $18,065 per metric ton after falling 4.3 percent during the previous week. The price of primary nickel rose two percent on the LME to $17,965 per metric ton after falling 4.3 percent during the previous week.
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.