Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The Davis Index for stainless steel (SS) scrap imports rose amid high offers of scrap – up by almost 3pc in a week for SS 316. The global uptick in offers was supported by strong demand from Far East nations where mills are ready to buy at the current levels.  


The official three-month LME nickel rose by $885/mt, or 5pc, and settled at $18,102/mt on Monday from the week prior. Traders feel the price levels are not competent enough for Indian markets but high demand from other nations are supporting prices.  


The weekly Davis Index for 304 (18-8) solids rose by $6/mt on Tuesday to $1,606/mt cfr India port while the weekly index for SS 316 solids settled at $2,215/mt cfr India port, up by $64/mt amid higher offers due to strong global demand. Mills in India are holding back purchases.    


For Taiwan, the weekly Davis Index for 304 (18-8) solids rose by $26/mt to $1,460/mt cfr Taiwan port and the index for 316 solids settled at $2,174/mt cfr Taiwan port. Demand for SS in Taiwan is stronger than in India. Demand in India is marginally low because prices of all industrial metals were deemed very high which has slowed down construction work. 


The weekly Davis Index for Zurik 85/3 rose by $17/mt to $1,400/mt cfr India port on the back of firm demand. Zurik prices may fall in line with the downward trending ferrous scrap and global copper prices. The official three-month LME copper settled at $7,972.5/mt up by $21 from the previous week and is supporting Zurik prices.  


The weekly index for 430 solids rose to $607/mt cfr India port on Tuesday, up by $2/mt. Importers are bidding around $540-550/mt and no deals were heard above $600/mt. Mills are expecting prices to slip in the coming weeks but higher nickel and chrome prices could drive scrap prices higher.  On the contrary, some market participants believe that the SS markets are softening. 

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