The weekly Davis Index for SS 304 (18-8) on Tuesday settled at $1,540/mt cfr India port, down by $16/mt after trades reduced as mills bid for more competitive prices. The weekly Davis Index for SS 316 settled lower by $27/mt at $2,138/mt cfr India port as demand was slightly lower due to the holiday season.
Import prices have risen sharply on the back of strong demand and higher freight prices, pushing import prices high and not quite favourable for mills, market players told Davis Index. Containers’ shortage has led to higher freight costs since one month but stainless steel (SS) scrap offers were slightly lowered on persistently low bids from most mills and traders. Most export markets were closed on account of New Year holidays last week, which affected stainless steel products’ sales, and production might be held back.
The weekly Index for Zurik 85/3 Tuesday settled at $1,345/mt cfr India port, up by $7/mt as global prices of copper and ferrous scrap are up. The weekly Davis Index for 430 solids settled at $601/mt cfr India port, up by $18/mt. Offers were heard at over $650/mt, however, deals happened at or around the Davis Index.
The weekly Index for 304 (18-8) solids for Taiwan settled at $1,412/mt cfr Taiwan port, up by $94/mt while the weekly index for 316 solids settled at $2,112/mt cfr Taiwan port, up by $18/mt. Mills in Taiwan have ramped-up production to meet domestic requirement, pushing prices up for scrap. With a sudden rise in LME nickel prices, scrap rates also rose.
The official three-month LME nickel settled at $17,403/mt on Monday, up by $333/m from last Monday and by a whopping $796/mt from Friday’s level. This could result in scrap prices gaining in the coming days, in line with LME.