In India, imported stainless steel scrap prices for 300 series increased this week, with offers for 316 solids rising on global cues. Traders supplying to India said there is an ongoing shortage of the material, which is supporting prices. Offers for the grade spiked by almost $100/mt for both Taiwan and India.
The weekly Davis Index for 316 solids on Tuesday settled at $2,670/mt cfr India port, up by $108/mt driven by higher offers. Indian markets are on the mend in terms of demand as mills are likely to increase purchases in the coming weeks. Some offers were heard at $2,700/mt on Tuesday.
The weekly Davis Index for 304 (18-8) solids, Tuesday, settled at $1,894/mt cfr India port, up marginally by $11/mt. Mills are resisting high offers, said traders. Offers for 304 on Tuesday ranged from $1,880-1,900/mt cfr India port with most deals closing at the lower end of the range.
SS 430 solids fell with persistent low bids from Indian buyers. The weekly Davis Index for 430 solids settled at $745/mt cfr India port, down $38/mt. Domestic material prices are very close to imported rates which has resulted in mills buying locally than procuring imported material. Traders believe demand for 400 and 200 SS scrap series is likely to pick up soon as their prices remain competitive to 300 series.
The Davis Index for Zurik 85/3 on Tuesday settled at $1,588/mt cfr India port. Offers heard above $1,600/mt, while bids remained at $1,570-1,580/mt levels. Demand for the material is yet to improve.
Post the easing of lockdowns in some states, demand for SS scrap from the auto and household sectors is expected to rise in the coming days.
The Davis Index for 304 (18-8) solids, Tuesday, settled at $1,725/mt cfr Taiwan port, up by $20/mt and the index for 316 solids settled at $2,560/mt cfr Taiwan port, up by $100/mt driven by higher offers amid the ongoing material shortage. The official three-month LME nickel contract on Monday settled at $18,541/mt up $173/mt from a week ago. Scrap prices are up in line with nickel prices, stated Taiwanese mills.