India’s weekly imported stainless-steel scrap prices dropped by $5-22/mt depending on the grade and location on Tuesday. Market participants are likely stay away from trades till the market stabilises. At present, only mills with urgent requirements are booking scrap.
The Davis Index for 304 stainless steel scrap solids settled at $1,143/mt, down from $1,165/mt cfr India port on March 9. The weekly index for 316 stainless steel scrap solids fell by $10/mt and settled at $1,800/mt cfr India port. Trading thinned as the spread of COVID-19 impacted markets.
The weekly Davis Index for Zurik 85/3 settled at $913/mt cfr India port, down by $12/mt after the official three-month
LME copper contract dropped by $273/mt to $5,222/mt Monday from March 9.
The index for 430 stainless steel scrap dropped by $5/mt and settled at $415/mt cfr India port.
The official three-month LME nickel contract Monday settled at $11,770/mt, down by 5.29pc from $12,410/mt a week ago, the lowest level in 2020.