Stainless steel scrap prices for major grades fell in the week concluded July 21 pulled down by a decline in LME nickel, low demand for SS 304 and 316 in India and due to limited supplies from the US.
India’s imported stainless steel scrap grades fell by 1-2pc on Tuesday from the prior week. Most prices fell in line with the official three-month LME Nickel contract which settled 2pc lower at $13,187/mt on Monday or down by $338/mt from the week prior.
The Davis Index for 304 stainless steel scrap solids Tuesday dropped by $13/mt to $1,172/mt cfr India port from the prior week pressured by a fall in LME nickel. Similarly, the index for 316 stainless steel scrap solids settled at $1,766/mt cfr India port after declining by $24/mt on Tuesday from the week prior. Demand for both grades, SS 304 and 316, remained slightly lower in India resulting in lower trades compared to the prior week. The decline in SS scrap 316 solids was also driven by a fall in LME molybdenum contract which settled at $7/lb ($15,432/mt) on Monday, down from $7.05/lb the prior week.
In Taiwan, imported stainless steel scrap prices fell during the week. The Davis Index for 304 and 316 stainless scrap solids settled at $1,085/mt cfr Taiwan port and $1,640/mt cfr Taiwan port, down by $20/mt and $15/mt, respectively.
Stainless steel scrap 430 solids prices rose this week with the Davis Index settling at $400/mt cfr India port, up by $13/mt from the prior week. Prices could be driven by supply constraints in the US, while demand for the grade remains stable, said importers.
The Davis Index for Zurik on Tuesday fell by $70/mt to $893/mt cfr India port driven by LME copper sliding 2pc or by $127/mt at $6,410/mt on Monday from the week prior.