India: Stainless steel scrap prices edge down amid subdued demand

India’s stainless steel scrap prices declined slightly w-o-w, amid subdued demand during the holiday period. W-o-w, domestic 304-grade stainless steel scrap prices dropped INR 1,000/t to INR 118,500/t ex-Delhi, while imported scrap from the nearshore region fell $20/t to $1,350/t CFR Mundra. With no firm bids or offers, the market adopted a wait-and-watch approach. LME nickel prices stood at $15,000/t, down 2% w-o-w.