Stainless steel (SS) scrap import prices rose between 2-6pc in a week on Tuesday with SS 304 scrap gaining the highest across all the grades. Increasing demand from mills and higher nickel prices globally have supported the hike. The official three-month LME nickel contract Monday settled at $17,651/mt, up by $1,303/mt or 8pc from the previous week.
The weekly Davis Index for 304 (18-8) solids on Tuesday rose by $97/mt and settled at $1,501/mt cfr India port on the back of high offers amid steady demand from Indian mills. The weekly Index for 316 solids also gained $117/mt to $2,084/mt cfr India port. Export markets for SS products are opening up, said market participants, which is increasing consumption of scrap.
The weekly Davis Index for 430 solids on Tuesday settled at $541/mt cfr India port, up by $16/mt. Some traders said they have stopped booking new shipments as prices for 430 were deemed too high, preferring to wait for the shipments in transit despite firm demand from mills in India. Rising ferrous scrap prices is also contributing to 430’s hike.
The weekly Davis Index for Zurik 85/3 on Tuesday increased by $28/mt to $1,209/mt cfr India port. Mills are bidding at around $1,000-1,100/mt cfr India port amid high offers for US and European-origins.
Taiwan’s SS scrap import prices also rose for 300 series on global cues and stable demand for scrap from mills. The Davis Index for 304 (18-8) Solids in Taiwan, Tuesday, settled at $1,370/mt cfr Taiwan port, up by $57/mt from the previous week while the weekly index for 316 solids rose by $83/mt to $1,988/mt cfr Taiwan port. Taiwan’s demand for SS products is increasing gradually as their economy is recovering rapidly.
Most grades have recorded an all time high this year, said market participants and expect prices to rise further till February. SS scrap prices have been rising for six weeks straight.