The weekly Davis Index for SS 304 (18-8) solids settled at $1,262/mt cfr India port, down by $51/mt on Tuesday driven by a fall in LME nickel contract and subsiding demand. The official three-month LME nickel fell by $276/mt and closed at $14,460/mt on Monday from the previous week.
The weekly Davis Index for SS 316 solids settled at $1,839/mt cfr India port, down by $8/mt on Tuesday. In Taiwan too, prices declined with the Davis Index for SS 304 (18-8) solids settling at $1,195/mt cfr Taiwan port, down by $75/mt from the preceding Tuesday.
The weekly index for 316 solids in Taiwan dipped by $10/mt and closed at $1,815/mt cfr Taiwan port on Tuesday.
There is a shortage of stainless steel scrap as heavy booking happened in August and early-September. Demand from South Korea and Taiwan was high with China’s stainless steel consumption increasing substantially. Collection is also lagging, reported traders. Mills have already stocked, causing a slowdown in demand from Indian mills, resulting in offers being lowered.
The weekly Davis Index for Zurik 85/3 settled at $1,050/mt, down by $65/mt on Tuesday. Prices dropped for the second consecutive week coupled with fewer bookings.
Importers expect prices for stainless and the nickel price to go lower in the coming week. The weekly Davis Index for SS 430 solids also settled lower by $18/mt at $433/mt cfr India port with thin demand from recyclers.