Weekly stainless steel scrap import prices increased marginally despite the official three-month LME nickel contract falling by 1.8pc as more buyers came back to the market after a few restrictions were eased by the government.
The Davis Index for 304 (18-8) stainless steel scrap solids settled at $1,075/mt cfr India port, Tuesday, up by $3/mt from a week ago. The weekly index for 316 stainless steel scrap solids settled at $1,703/mt cfr India port, also up by $3/mt. The UAE banned exports of stainless steel scrap to support its domestic industry tide over COVID-19 impact effective May 15. Its impact on prices, however, is yet to be seen.
The weekly index for 304 (18-8) solids and 316 solids settled at $1,015/mt and $1,570/mt cfr Taiwan port, respectively, both up by $15/mt.
The official three-month LME nickel contract settled at $12,036/mt, Monday, down by $220/mt from a week ago. Nickel prices on LME rose 8pc after it hit its lowest post the COVID-19 outbreak, at $11,142/mt on March 23. However, it is still 16pc lower than the highest nickel price of 2020, at $14,370/mt on Jan 16 just before China shut down amid virus outbreak.