India: Stainless steel scrap, finished prices up with LME nickel

Domestic 304 grade stainless steel scrap prices moved up by INR 1,000/tonne (t) w-o-w at INR 134,000/t ($1,626/t) ex-Delhi today, as per SteelMint data. Prices got support from rising nickel futures on the London Metal Exchange (LME).

LME's 3-months nickel (Ni) prices rose by $2,000/t w-o-w at the time of publishing the article. Meanwhile, imported scrap offers were above $1,600 for 304 grade. Deals for this grade for Europe-origin cargo are happening at a price of $1,600/t. Scrap suppliers are bullish about prices in the short term. Finished prices