Imported stainless steel scrap price trends were mixed across grades with most grades down on Tuesday from the prior week. Prices of stainless steel scrap imports fell despite a 3pc rise in the official three-month LME nickel contract, which rose by $556/mt to $18,658/mt on Monday from a week ago. Taiwanese import prices rose in sync with LME nickel.
The weekly Davis Index for ss 304 (18-8) solids on Tuesday settled at $1,566/mt cfr India port, down $40/mt amid slow demand compared to the prior week. Mills are bidding at a much lower level, under $1,540/mt cfr India port, pulling prices down for the second consecutive week.
The Davis Index for 316 solids increased marginally by $3/mt to $2,190/mt cfr India port, trending sideways driven by low demand. Higher LME nickel and molybdenum contracts supported 316 offer prices despite low demand. The official LME molybdenum prices rose 6pc to $12/mt from 11.35/lb on Monday from the previous week.
The Davis Index for Zurik 85/3 on Tuesday settled at $1,251/mt cfr India port, down $3/mt from the week prior. Markets were silent with mills calculating and monitoring the current demand situation. The Davis Index for ss 430 solids on Tuesday settled at $543/mt cfr India port, down by $21/mt from the preceding week. Bids for 430 were heard around $540-550/mt cfr India port while offers exceeded $600/mt cfr India port.
For ss 430 solids, some smelters in Gujarat have substituted it for MS (mild steel) scrap and are adding the required quantity of chrome which is around 18pc or more to acquire 430 quality. If this trend continues, demand for 430 solids will be pressured.
The Davis Index for ss 304 (18-8) solids to Taiwan settled at $1,470/mt cfr Taiwan port, up $18/mt from a week with LME nickel above $18,600/mt levels. Demand was firm from Taiwanese mills and traders amid a strong recovery in consuming sectors. The Davis Index for ss 316 solids settled at $2,170/mt cfr Taiwan port, up by $28/mt from previous Tuesday.