India’s stainless steel (SS) scrap import prices trended downwards from the prior week across all grades. Indexes for Zurik and 430 solids dipped the most.
The weekly Davis Index for 430 solids, Tuesday, settled at $563/mt cfr India port, down by $54/mt from the week prior on low offers amid a drop in LME nickel. However, prices are expected to climb in the coming days as offers are already being heard around $580/mt on the back of ferrous scrap rebounding after the Chinese New Year, which might drive offers for SS upwards.
The Davis Index for Zurik 85/3 slipped by $105/mt to $1,277/mt cfr India port on Tuesday from the preceding week. Demand for Zurik is firm but global nickel and copper prices slipped 2pc in a week and consequently, Zurik prices have fallen globally. The official three-month LME nickel was down by $435/mt to $17,855/mt on Monday from a week ago while the three-month copper contract dipped by $167/mt to $7,823/mt on Monday from last week.
The weekly Davis Index for SS 304 (18-8) solids settled flat at $1,626/mt cfr India port on Tuesday, marginally down by $2/mt. The index for SS 316 solids settled at $2,150/mt cfr India port. Prices dropped slightly as market participants await more clarity around the slashed anti-dumping duties and countervailing duties on semi-finished products and scrap, announced by the Indian government in the Union Budget on Monday.
For Taiwan, the weekly Davis Index for 304 (18-8) solids settled at $1,434/mt cfr Taiwan port, down by $12/mt on Tuesday. Taiwan’s domestic demand for stainless steel products is rising according to SS producers. The weekly Davis Index for 316 solids settled at $2,105/mt cfr Taiwan port, down by $17/mt from the previous week.