India’s weekly imported stainless steel scrap prices rose supported by a 2.8pc increase in the official three-month LME nickel contract, while bookings increased marginally as the government eased COVID-19 restrictions.
The Davis Index for 304 stainless steel scrap solids settled at $1,072/mt cfr India port, Tuesday, from a week ago. The weekly index for 316 stainless steel scrap solids remained unchanged at 1,700/mt cfr India port.
Bookings for stainless steel scrap remained low as the Indian government allowed only industries located outside city limits to reopen, while downstream demand remained low. Mills are currently focusing on clearing containers stuck at the ports for the last few weeks.
The weekly index for 304 stainless steel scrap solids cfr Taiwan port settled at $1,000/mt, Tuesday, up by $10/mt and the index for 316 stainless steel scrap solids settled at $1,555/mt, up by $45/mt.
The official three-month LME nickel contract settled at $12,256/mt, Monday, up by $340/mt from a week ago.