Imported stainless steel 304 solids dipped by $5-45/mt in a week for both India and Taiwan. In India, imported scrap prices for the grade fell this week after trending up for nine weeks in a row. Apart from 304, prices for all grades rose 20-35/mt this week.
The weekly Davis Index for 304 (18-8) solids, Tuesday, settled at $2,158/mt cfr India port, down by $5/mt pressured by consistent low bidding by buyers. 304 prices have been on an uptrend for almost two months and several buyers have moved away from the market. Offers for 304 heard between $2,150-2,190/mt cfr India port levels on Tuesday. SS 304 domestic grade heard at Rs165,000/mt ($2,260/mt) in Delhi.
The weekly Davis Index for 316 solids on Tuesday settled at $3,131/mt cfr India port, up by $24/mt supported by tight supply and growing demand. Offers for 316 heard between $3,150-3,190/mt, while bids were $20-50/mt lower.
Zurik 85/3 and SS 430 solids both jumped by approximately $35/mt in a week. The Davis Index for 430 solids on Tuesday settled at $795/mt cfr India port with offers heard over $800/mt. Copper LME contract jumped by $411/mt in a week to $9,345/mt on Aug 27, also supporting Zurik 85/3 prices. Bids were heard at around $750/mt levels. The Davis Index for Zurik 85/3 settled at $1,847/mt cfr India port, up by $38/mt from a week ago driven by supply crisis.
The Davis Index for 304 (18-8) solids for Taiwan settled at $1,400/mt cfr Taiwan port and the index for 316 solids settled at $2,145/mt cfr Taiwan port. The three-month nickel contract gained by $353/mt in a week to $18,889/mt but fell by $363/mt in a day on Aug 29 which pressured prices amid low bids from Taiwanese mills.
($1=Rs72.99)