India’s weekly imported stainless steel scrap prices remained flat while the official three-month LME nickel contract rose by 1pc. An uptick in demand had no bearing on the prices despite supply remaining hampered.
The weekly Davis Index for 304 (18-8) stainless steel scrap solids settled at $1,151/mt cfr India port, Tuesday, down by $2/mt. The weekly index for 316 stainless steel scrap solids settled at $1,738/mt cfr India port, down by $31/mt. Demand for 304 (18-8) solids remained stronger than for 316 solids. Sellers found it difficult to source these grades from the US amid tightened supply.
The index for 304 (18-8) solids settled at $1,060/mt cfr Taiwan, down by $10/mt and the index for 316 solids settled at $1,640/mt cfr Taiwan, unchanged from a week ago.
The official three-month LME nickel contract settled at $12,692/mt, Monday, up by $17/mt from a week ago.