India’s imported stainless steel scrap prices rose by 1-2pc, however, spreads widened as the LME nickel futures contract rose by 4.5pc from a week ago. India’s scrap demand remained subdued and supply from the US continued to be tight this week.
The weekly Davis Index for 304 (18-8) SS scrap solids Tuesday settled at $1,178/mt cfr India port, up $11/mt from the prior week. The index for 316 stainless steel scrap solids settled at $1,760/mt cfr India port, up by $30/mt on a $330/mt rise in three-month LME molybdenum.
Traders continued to find it difficult to source stainless steel scrap from the US, where scrap generation has been low due to COVID-19-related shutdowns. US scrap suppliers raised offers due to a rise in LME nickel. Prices proved unviable for traders selling scrap to India, where demand is yet to return to pre-COVID-19 levels.
The weekly index for 430 stainless steel scrap Tuesday settled at $380/mt cfr India port, down by $8/mt from a week ago.
The official three-month LME nickel settled at $13,308/mt, Monday, up by $585/mt from a week ago, recovering to late-January levels.