Prices for most imported stainless steel (SS) scrap grades fell on Tuesday driven by low demand from consumers as offers keep increasing. Offers for 300 series has climbed substantially, noted market participants, though prices have fallen from the prior week by almost 4pc.
Offers for 304 (18-8) solids on Tuesday were heard around $1,690-1,710/mt cfr India port while some deals took place around $1,625-1,650/mt cfr India port. The weekly Davis Index for 304 (18-8) solids on Tuesday settled at $1,658/mt cfr India port, down $86/mt as offers were reduced to attract buyers amid low demand. Offers for European-origin were silent on Tuesday. The weekly Davis Index for 316 solids on Tuesday settled at $2,287/mt cfr India port, down by $109/mt from a week ago. Trades were thin on Tuesday with mills holding back procurements as they are unwilling to buy at these levels.
The weekly Davis Index for Zurik 85/3 on Tuesday reached $1,400/mt cfr India port, up by $35/mt on supply constraints. Low availability of material is driving prices up despite copper and nickel prices falling over the week. However, demand is stable and not the catalyst for a rise in index.
The weekly Index for 430 solids settled at $600/mt cfr India port, up by $2/mt. Offers were heard above $650/mt cfr India port while mills are bidding at $550-570/mt cfr India port. Consequently, the index remained almost flat from the previous week. Traders said that they are facing issues from shipping lines and containers are getting delayed. Freight prices have been increased for May shipments.
Prices for imported 304 and 314 to Taiwan fell in line with the drop in official nickel prices. The three-month official contract for LME nickel dipped almost 5pc or by $1,047/mt and settled at $18,675/mt on Monday compared to a week ago. The weekly Davis Index for Taiwan settled at $1,510/mt cfr Taiwan port, down by $40/mt while the weekly index for 316 solids slipped by $60/mt on Tuesday and settled at $2,190/mt cfr Taiwan port. Demand from Taiwan was slightly low on Tuesday.