The Davis Index for stainless steel scrap 304 (18-8) solids Tuesday rose by $17 and settled at $1,375/mt cfr India port on better demand for the grade which is gradually increasing supporting prices since mid-October.
Some trading firms in the Middle East are offering $1,380/mt cfr India port for 304 solids but trades failed to occur as prices were deemed too high by the Indian mills. Some mills are bidding around $1,360/mt cfr India port.
The Davis Index for ss 316 solids dipped by $30/mt on Tuesday to $1,925/mt cfr India port, as trades thinned compared to the prior week. Traders claimed that higher tonnage of 304 is being shipped relative to 316 amid low demand for the grade from Indian mills.
The Davis Index for Zurik 85/3 rose by $26/mt to $1,202/mt cfr India port on the back of higher offers driven by rising global nickel and copper prices. The official three-month LME copper on Monday rose by a per cent or $105/mt in a week. The official nickel LME contract has remained flat to down from the prior week as it settled at $16,065/mt, down by $16/mt on Monday.
The Davis Index for ss 430 solids rose by $10/mt as it settled at $480/mt cfr India port on Tuesday from the preceding week. Offers exceeded $500-505/mt cfr India port while bids were below $460/mt cfr India port.
In Taiwan prices of 304 were almost flat from the previous week, the Davis Index for 304 (18-8) solids settled at $1,278/mt cfr Taiwan port, down by $2/mt on Tuesday from a week ago. The Davis Index for 316 solids settled at $1,856/mt cfr Taiwan port, down by $21/mt from the prior Tuesday. Prices fell as offers were reduced amid consistent lower bidding and a slight drop in LME nickel.