India: Imported stainless steel scrap prices inch up w-o-w on rising LME nickel

India’s imported stainless steel scrap prices have risen due to increasing LME nickel driven by the US Federal Reserve’s interest rate cut. SS304 scrap stood at $1,435/t and SS316 at $2,635/t CFR Mundra. However, rising LME inventories and weak demand could lead to price softening in the coming weeks. LME nickel gained 3% w-o-w, settling at $16,480/t. Meanwhile, domestic scrap prices remained stable.