India’s weekly imported stainless steel scrap prices fell by $20-40/mt on Tuesday, driven by a $615/mt drop in the official three-month LME nickel contract from a week ago and subdued domestic demand.

 

The Davis Index for 304 stainless steel scrap solids dropped by $33/mt from a week ago to settle at $1,156/mt cfr India port. The index for 316 stainless steel scrap solids dropped by $24/mt to settle at $1,808/mt cfr India port. 

 

Market sentiments were negative in the week after LME nickel dropped for a fifth consecutive session. Sale volumes fell as scrap sellers were reluctant to lower their offers. Domestic mills, however, were keen for trades as they have begun booking orders for March. 

 

India’s weekly imported Index for 430 stainless steel scrap settled at $425/mt cfr India port down by $8/mt. The weekly imported Index for Zurik 85/3 settled at $863/mt cfr India port Tuesday, down by $42/mt due to a fall in LME copper by $130/mt along with LME nickel from the prior week. Trades for Zurik 85/3 continued to remain thin since the past two weeks as buyers and sellers found no common ground.

 

The official three-month LME nickel contract settled at $12,465/mt, Monday, down by 4.9pc from the prior week.

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