The weekly imported price of stainless steel scrap fell by 4-6pc on a $5.6pc drop in the official three-month LME nickel contract. Bookings came to a near halt as India issued complete lockdown orders in many states to prevent spread of COVID-19.
The Davis Index for 304 stainless steel scrap solids settled at $1,097/mt cfr India port, Tuesday, down by $46/mt from a week ago and the weekly index for 316 stainless steel scrap solids settled at $1,760/mt cfr India port, down by $40/mt. Most stainless steel mills have temporarily shut operations till the end of March. Negative sentiment prevailed on continued uncertainty regarding reopening of markets, along with a Rs1.78 depreciation to Rs76.18 against one US dollar from a week ago.
The weekly Davis Index for Zurik 85/3 settled at $860/mt cfr India port, down by $53/mt on a $594.5/mt drop in the LME copper futures contract from a week ago. Last week, importers of stainless steel scrap collected shipments cleared at Indian ports before the government prohibited road transportation .
The weekly index for 430 stainless steel scrap settled at $410/mt, down by $5/mt. A few mills had overstocked inventories when they temporarily shut operations.
The official three-month LME nickel contract fell to $11,142/mt, Monday, down by $668/mt from a week ago and hit the lowest since January 2019.