Stainless steel (SS) scrap market is still extremely uncertain for the third straight week since nickel prices collapsed. Offers for imported SS grades are varying in the market while the difference between bids and offers is still substantial.
Most SS scrap prices gained by 3-7pc from the previous week on the back of high offers while 304 dipped marginally compared to last week. Major mills booked 304 at around $1,620-1,630/mt cfr India port.
The weekly Davis Index for 304 (18-8) solids on Tuesday settled at $1,646/mt cfr India port, down by $7/mt. Offers were heard between $1,650-1,700/mt cfr India port for US origins while European origins were around $1,750/mt cfr India port. Mills and other domestic traders are likely to reject high offers as it is not workable for them and wait for market to stabilise.
The weekly Davis Index for 316 solids on Tuesday settled at $2,216/mt cfr India port, up by $71/mt on high offers as global demand for the grade is gradually expanding. Deals were heard at $2,225-2,230/mt cfr India port, with major players able to procure material at this rate.
The weekly Davis Index for Zurik 85/3 settled at $1,374/mt cfr India port, up by $50/mt driven by increased offers as ferrous scrap prices have jumped in a week by almost 2pc which supported Zurik prices too. Similarly, 430 solids also rose with the weekly Index settling at $640/mt cfr India port, up by $47/mt. Offers for 430 were heard between $650-665/mt on Tuesday. The 400 series is likely to gain more as chromium prices are up to0, which has prompted major Japanese mills to hike product prices of 400 and 300 series for April-March shipments.
Taiwan
The weekly Davis Index for 304 (18-8) solids for Taiwan settled at $1,418/mt cfr Taiwan port, down by $7/mt. Prices have fallen in line with LME levels. The official LME nickel three-month contract dipped by $171/mt in a week to $16,302/mt on Monday. The weekly Davis Index for 316 solids on Tuesday settled at $2,088/mt cfr Taiwan port, down by $2/mt. Prices in Taiwan were largely in line with LME movement.