India’s imported stainless steel scrap prices remained unchanged from a week ago despite a 1.35pc rise in the official three-month LME nickel contract. Prices remained flat due to subdued demand which is likely to persist for another two-three weeks.
The weekly index for 304 stainless steel scrap solids settled at $1,075/mt cfr India port, Tuesday, unchanged. The index for 316 stainless steel scrap solids settled at $1,709/mt cfr India port, up by $6/mt.
Demand remained subdued since only the major mills re-opened after the government eased lockdown restrictions. They are, however, functioning at 20-30pc of production capacity to maintain requisite social distancing measures. Production rates have been kept low also because of a stunted downstream demand.
The weekly index for Zurik 85/3 settled at $875/mt cfr India port, unchanged from a week ago. The mixed metal scrap does not have many buyers in India due to labour shortage, required to separate and process this scrap.
The official three-month LME nickel contract settled at $12,199/mt, Monday, up by $163/mt from a week ago.