Imported stainless steel scrap prices for India continued to increase as nickel prices rebounded over the week. Prices rose between $20-70/mt in a week driven by higher offers on Tuesday.
The official three-month LME nickel contract settled at $19,517/mt on Monday, up by $743/mt from the previous week. The rise in LME nickel boosted scrap offers, but most buyers were reluctant to book new material at those levels.
The Davis Index for SS 304 (18-8) solids on Tuesday settled at $2,138/mt cfr India port, up by $21/mt from a week ago. Offers were heard between $2,100-2,200/mt cfr India port. UAE-origin scrap offers were on the lower end of the range while EU origin was on the higher end for 300 series grades. The weekly Davis Index for 316 solid on Tuesday settled at $3,118/mt cfr India port, up by $64/mt on material shortage and improving demand.
The Davis Index for 304 (18-8) solids on Tuesday settled at $1,605/mt cfr Taiwan port, up by $37/mt and the index for 316 solids rose by $52/mt to $2,202/mt cfr Taiwan port. Prices are up on the back of higher nickel prices.
Offers for Zurik 85/3 on Tuesday also rose from a week ago. Zurik prices were also helped by short supply, said sellers who hiked prices steeply this week. Last week, prices were around $1,700/mt and this week, on Tuesday, prices are up by almost $100/mt at $1,800/mt cfr India port levels. This has lifted the Davis Index for Zurik 85/3 to $1,764/mt cfr India port, up by $69/mt. The index was offset with lower bids from buyers despite increasing offers. Bids heard at around $1,740-1,750/mt cfr levels.
The weekly Davis Index for 430 solids on Tuesday increased by $27/mt to $818/mt cfr India port. Demand for the grade slipped at higher prices as Indian mills are substituting SS 430 scrap by mixing HMS with ferrochrome to reduce costs.