India’s weekly imported stainless steel scrap prices increased by $10-30/mt, Tuesday, on a $110/mt increase in the official three-month LME nickel contract from a week ago.
China’s markets resumed after an extended shutdown due to the outbreak of Covid-19 (coronavirus), improving market sentiment and sending the LME nickel price higher.
Sellers and buyers of stainless steel scrap, however, struggled to find common ground for bids to meet offers.
The weekly Davis Index for 304 stainless steel scrap solids settled at $1,189/mt cfr India port on Tuesday, up by $6/mt from a week ago.
Prices increased marginally as Indian stainless steel mills achieved booking target for the month of February.
Sellers looked to sell at $1,190-1,200/mt, while buyers did not want to pay more than $1,160-1,170/mt.
The weekly Davis Index for 316 stainless steel scrap solids settled at $1,832/mt cfr India port on Tuesday, up by $25/mt from a week ago.
Prices for 316 stainless steel scrap solids increased on a rising LME nickel, despite a $0.4/lbs ($881.8/mt) drop in LME molybdenum from a week ago.
India’s weekly imported index for 430 stainless steel scrap settled at $433/mt cfr India port on Tuesday, up by $1/mt from the prior week.
The weekly Davis index for Zurik 85/3 rose by $30/mt and settled at $905/mt cfr India port on Tuesday, on a $213/mt increase in LME copper and a rise in LME nickel futures contract.
Zurik recyclers could not match offers above $900/mt, and procured scrap in small quantities from domestic markets to keep plants running as import prices went up.
The official three-month LME nickel contract rose by 0.8pc, to settle at $13,080/mt Monday from the prior close of $12,970/mt.