India’s imported stainless steel scrap prices dropped by $10-15/mt from the previous week, after trading thinned due to uncertainty in markets caused by the global spread of Covid-19.
The Davis Index for 304 stainless scrap solids settled at $1,142/mt cfr India port on Tuesday, down by $14/mt from a week ago and the index for 316 stainless steel scrap solids settled at $1,806/mt cfr India port down by $2/mt. Large mills had started stocking up for March in late February. These mills are now deliberating purchases due to volatile LME nickel prices.
Prices of 430 stainless steel scrap dropped by $10/mt from a week ago and its index settled at $415/mt cfr India port after imported ferrous scrap prices fell by $5/mt. Mills bid in the range of $400-410/mt, however, sellers were unwilling to drop their offers below $420/mt.
The weekly Davis Index for Zurik 85/3 settled at $930/mt cfr India port, Tuesday, up by $67/mt. Trades were thin as buyers of mixed metal scrap wait for sellers to decrease offers in line with a drop in 304 stainless scrap prices.
The official three-month LME nickel contract settled at $12,510/mt Monday, up by $45/mt from a week ago. The LME nickel contract recovered in the session closing Monday by $260/mt after dropping to $12,250/mt on Friday, which was the lowest in 2020.