India’s imported stainless steel scrap prices rose by $20/mt Tuesday after the official three-month LME nickel contract increased by $105/mt from a week ago. Prices dipped by over $1,000/mt in the week prior, amid fears of an economic slowdown since businesses in China ground to a halt due to the Coronavirus outbreak.
The Davis Index for 304 stainless steel scrap solids settled at $1,170/mt cfr India port on Tuesday, up by $21/mt from a week ago. The weekly index for 316 stainless steel scrap solids settled at $1,792/mt cfr India port on Tuesday, up by $16/mt. Though prices mirrored the rise in LME nickel, buyers were not keen to match the increased offers from sellers.
India’s weekly imported price for 430 stainless steel scrap settled at $425/mt cfr India port on Tuesday, up by $2/mt. Prices for the scrap grade remained resilient despite a fall in LME nickel as it was dictated by ferrous and chrome prices. Weekly import price for Zurik rose by $25/mt to settle at $850/mt cfr India port.
The official three-month LME nickel contract rose by 0.8pc to settle at $12,850/mt Monday from the prior close of $12,745/mt, which was the lowest since July last year.