India’s imported stainless steel scrap prices rose by 1pc despite a 3pc drop in the official three-month LME nickel contract from a week ago. Prices rose due to short supply from exporting countries.
The weekly Davis Index for 304 stainless steel scrap solids settled at $1,153/mt cfr India port, up by $10/mt from a week ago. The weekly index for 316 stainless steel scrap solids settled at $1,769/mt cfr India port, up by $14/mt.
Demand from Indian mills increased in the past week as COVID-19 related restrictions have been lifted in most areas. The gap between offers and bids, however, remained high. Stainless steel scrap volumes or sale in countries such as the US remained low and thus sellers kept their offers firm. But Indian buyers bid at last week’s price levels, if not lower.
The official three-month LME nickel contract settled at $12,575/mt, Monday, down by $435/mt from a week ago.