India’s weekly import prices for stainless steel scrap fell by 5-7pc, on a $1,175/mt drop in the official three-month LME nickel contract from a week ago, following China’s coronavirus outbreak which could affect the country’s demand for the base metal.
Sluggish demand from Indian stainless steel forgers and utensil manufacturers added to the effect of fall in LME nickel.
The Davis Index for 304 stainless steel scrap solids settled at $1,149/mt cfr India port on Tuesday, down by $84/mt from a week ago, while the weekly index for 316 stainless steel scrap solids settled at $1,776/mt cfr India port on Tuesday, down by $97/mt from a week ago. Prices slipped on fall in LME as risk-averse markets went into a frenzy caused by China’s coronavirus outbreak, which started spreading globally.
India’s weekly imported price for 430 stainless steel scrap remained resilient and the Davis Index for 430 settled at $423/mt cfr India port on Tuesday, down by $5/mt from the prior week. However, weekly imported price for Zurik fell by $50/mt to settle at $825/mt, as all non-ferrous metals on LME felt the hit of China’s markets being closed because of lunar new year holidays and the virus outbreak.
The official three-month LME nickel contract dropped by 9.2pc to its lowest since July last year, to settle at $12,745/mt Monday, from the prior close of $13,920/mt.