India’s imported stainless steel scrap prices continued to rise by $10-15/mt, Tuesday on a $120/mt increase in the official three-month LME nickel contract from a week ago.
Positive market sentiments build as China’s markets resumed after a two-week halt of lunar new year holiday in the last week of January, which was extended by a week long shutdown caused by the outbreak of Coronavirus.
The Davis Index for 304 stainless steel scrap solids settled at $1,183/mt cfr India port on Tuesday, up by $13/mt from a week ago, while the Davis Index for 316 stainless steel scrap solids settled at $1,807/mt cfr India port on Tuesday, up by $15/mt from a week ago. Prices for 316 stainless steel scrap solids increased on rising LME nickel along with a $0.6/lbs ($1,322.7/mt) increase in LME molybdenum from a week ago.
India’s weekly imported price for 430 stainless steel scrap settled at $432/mt cfr India port on Tuesday, up by $7/mt from the prior week. Indian buyers bought 430 stainless steel scrap containers from Japan at $420-430/mt cfr India port, and from Europe at $440-445/mt cfr India port. Material from Europe was, however, cost effective for Indian buyers as Europe packs 100mt in four containers while Japan in five, reducing logistic costs while providing better quality.
The weekly Davis index for Zurik 85/3 rose by $25/mt to settle at $875/mt, cfr India port on Tuesday, on a $66/mt increase in LME copper in addition to rise in LME nickel futures contract.
The official three-month LME nickel contract rose by 0.9pc, to settle at $12,970/mt Monday from the prior close of $12,850/mt.