The weekly Davis Index for SS 304 (18-8), Monday, settled at $1,628/mt cfr India port, up by $22/mt from previous Tuesday on upwards revised offers. Trades were firm but mills bid for far more competitive prices under $1,600/mt levels. Most mills are vigorously looking for better deals of any origin given that US and Europe-origin scrap prices are high. Fresh offers for 304 from UK traders were heard at $1,650/mt cif India port on Monday, this indicates that offers are likely to remain firm or rise higher.
The weekly index for SS 316 settled at $2,176/mt cfr India port on Monday from previous Tuesday as demand thinned.
Import prices rose sharply since last couple of weeks due to strong demand from other Asian countries. Importers in India couldn’t compete at these levels, while mills were able to procure domestic scrap at a lower rate. It has become difficult for traders shipping scrap to India to strike new deals at the current rates, whose climb is aided by strong demand from South Korea and other Southeast nations. Traders in India are unable to get good deals for SS scrap to domestic mills as prices of finished products have not climbed in line with scrap prices.
The weekly Davis Index for Zurik 85/3, Monday, settled at $1,383/mt cfr India port, down by $18/mt. Zurik prices are down in sync with SS scrap prices due to sharp fall in LME nickel coupled with a fall in copper and ferrous scrap prices. The official three-month LME nickel was down by $59/mt to $17,938/mt on Jan 22 from the previous week. The weekly index for 430 solids on Monday settled at $617/mt cfr India port, up by $10/mt from a week ago on Tuesday. Offers crossed the $630/mt-mark.
The weekly Davis Indexes for 304 (18-8) solids for Taiwan, Monday, settled at $1,446/mt cfr Taiwan port, down by $14/mt, and for 316 solids settled at $2,122/mt cfr Taiwan port, dropping by $52/mt from Tuesday last week. Demand from Taiwanese mills was firm but prices went down in line with LME levels. Offers to Taiwan were above $1,460 cfr Taiwan port for SS 304.