India’s weekly imported stainless steel scrap prices rose by 1-2pc in line with a 1.6pc increase in the official three-month LME nickel contract, amid a continued supply crunch from the US.
The Davis index for 304 (18-8) stainless steel scrap solids settled at $1,185/mt cfr India port, up by $7/mt from a week ago. The weekly index for 316 stainless steel scrap solids settled at $1,790/mt cfr India port, up by $30/mt. Offers from the US-based stainless steel scrap sellers ranged between $1,190-$1,200/mt for 304 (18-8) solids and $1,800/mt for 316 solids. Indian buyers, however, bid lower amid no significant increase in downstream demand.
The Davis index for 430 solids settled at $387/mt, cfr India port, up by $7/mt from a week ago.
The official three-month LME nickel contract settled at $13,524/mt, Monday, up by $216/mt from a week ago, maintaining late-January levels.