Stainless steel scrap prices edge up on supply tightness

Prices of domestic stainless steel grades 304 and 316 scrap moved up by INR 7,000/t ($93/t) , as per market sources.
The effective price for stainless steel grade 316 stands at INR 252,000/t ($3,346/t) and that of grade 304 at INR 176,000/t ($2,337/t) exy-Delhi.
The highest-ever LME prices and ongoing Russia-Ukraine war supported bullish market sentiments, leading to supply tightness and strong demand.