Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s imported weekly stainless-steel scrap prices fell by 2pc-4pc from a week ago amid a plunge in demand. Prices declined despite a 2.4pc increase in the official three-month LME nickel contract. 


The Davis Index for 304 (18-8) stainless steel scrap solids settled at $1,064/mt cfr India port, Tuesday, down by $41/mt from a week ago. The index for 316 solids settled at $1,760/mt cfr India port, down by $10/mt. 


Indian stainless-steel mills were looking to resume bookings as the country’s initial 21-day lockdown period was to end on April 14, the Indian government, however, has extended the nationwide lockdown till May 3 amid increasing cases of COVID-19. 

Negative sentiment among buyers persists as they continue to deal with logistics and labour issues at the ports.

The weekly index for Zurik 85/3 and 430 stainless steel scrap cfr India port remained unchanged at $868/mt and $413/mt. 


The LME nickel contract settled at $11,523/mt, Monday, up by $271/mt from a week ago. 

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