India’s weekly imported stainless steel scrap prices rose by $5-25/mt Monday following a $495/mt increase in the official three-month LME nickel contract from a week ago. Market sentiments were, however, negative on the rupee depreciating from Rs72.34 to Rs74.05 against the US dollar from the prior week.
The Davis Index for 304 stainless steel scrap solids settled Monday at $1,165/mt cfr India port, up by $25/mt from March 3. The weekly index for 316 stainless steel scrap solids inched up by $4/mt and settled at $1,810/mt cfr India port. Freight rates continued to be high driving prices upwards along with the rupee depreciation and a surge in LME nickel prices.
The weekly Davis Index for Zurik 85/3 settled at $925/mt cfr India port, down by $5/mt after the official three-month LME copper contract dropped by $78/mt in the last two sessions. Trades remained thin during the week.
The index for 430 stainless steel scrap rose by $5/mt and settled at $420/mt cfr India port as imported ferrous scrap prices remained flat from a week ago.
The official three-month LME nickel contract Friday settled at $12,745/mt, up by 4pc from $12,250/mt from a week ago, which was the lowest level in 2020.