India’s weekly imported stainless steel scrap prices largely remained flat despite a $14/mt drop in the official three-month LME nickel contract. Prices remained unaffected since there is nil demand as the country remains under lockdown until the end of the week at the minimum.
The Davis Index for 304 stainless steel scrap solids remained unchanged at $1,053/mt cfr India port, Tuesday, and the index for 316 stainless steel scrap solids remained flat at $1,700/mt cfr India port from the prior week. Demand from Indian buyers is yet to resume even though the lockdown is expected to be lifted on Sunday. Many buyers already have multiple containers stuck at ports and are finding it difficult to make payments due to a liquidity crunch.
The Davis Index for 304 stainless steel scrap solids cfr Taiwan port settled at $990/mt, Tuesday, down by $10/mt from a week ago, while the index for 306 solids remained unchanged at $1,510/mt.
The official three-month LME nickel contract settled at $12, 320/mt, Monday, down by $14/mt from a week ago.