Stainless MMI®: Nickel Falls, Chinese 316 Coil Down Too

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Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week at CNY 8,300 ($1,330) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,234) per metric ton.

Chinese 316 stainless coil fell 0.4 percent over the past week to CNY 26,900 ($4,310) per metric ton. The price of Chinese primary nickel fell 0.2 percent for the week to settle at CNY 120,000 ($19,228) per metric ton. Following a steady week, prices for Chinese 304 stainless steel scrap closed flat at CNY 18,000 ($2,884) per metric ton. At CNY 16,600 ($2,660) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 18,000 ($2,884) per metric ton.

At KRW 2.6 million ($2,376) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the week.

The Indian nickel cash price saw a 2.1 percent drop this week, closing at INR 937.80 ($17.07) per kilogram. The nickel spot price fell 1.7 percent on the LME to $17,225 per metric ton after rising 0.5 percent the week before. Following a 0.1 percent increase in the week prior, the 3-month price of nickel fell 1.4 percent on the LME last week to $17,275 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.

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