India’s weekly imported prices for 304 (18-8) stainless steel scrap solids rose by a percent amid lack of supply from the US, and a 0.25pc increase in the official three-month LME nickel contract.
The Davis index for 304 (18-8) stainless steel scrap solids Tuesday settled at $1,167/mt cfr India port up by $16/mt from a week ago. Mills continue to book cautiously as downstream demand is returning gradually. The weekly index for 316 stainless steel scrap solids settled at $1,730/mt cfr India port, down by $8/mt on a $.62/lb ($1,367/mt) or 7.8pc drop in the official three month LME molybdenum contract.
Demand for Zurik remained subdued amid continued shortage of casual workers in India. The weekly index for Zurik 85/3 settled at $928/mt cfr India port, up by $15/mt in line with a 2pc or $120/mt increase in the LME copper futures contract.
The official three-month LME nickel contract settled at $12,723/mt, Monday, up by $31/mt from a week ago.