India’s weekly imported stainless-steel scrap prices remained flat on Tuesday. The official three-month LME nickel contract rose 1.8pc from a week ago. No new bookings were confirmed amid the nationwide lockdown to prevent the spread of COVID-19.
The Davis Index for 304 (18-8) stainless steel scrap solids settled at $1,105/mt cfr India port, up by $8/mt from a week ago and the index for 316 solids settled at $1,770/mt cfr India port, up by $10/mt. Stainless steel scrap dealers stayed away from sales in India as they fear a possibility of the lockdown extending. Mills have temporarily halted production with no downstream demand.
The weekly Davis Index for Zurik 85/3 inched up by $8/mt and settled at $868/mt cfr India port, on a 3pc increase in the official three-month LME copper contract after China recorded 16.3 points increase in its manufacturing purchasing manager’s index (PMI) from the previous month.
The Davis Index for 430 stainless steel scrap settled at $413/mt cfr India port, Tuesday, up by $3/mt from a week ago despite global ferrous scrap prices falling by $20-30/mt.
The official three-month LME nickel contract settled at $11,339/mt, Monday, up by $197/mt from a week ago. The LME nickel futures contract showed a consistent uptrend for five days for the first time since the beginning of the year.