Stainless steel (SS) scrap prices rose in the week ending Dec 1 with most grades gaining over 2pc from the previous week. The weekly Davis Index for SS 304 (18-8) solids rose by $28/mt on Tuesday and settled at $1,403/mt cfr India port. Prices were range-bound at around $1380-1,410/mt cfr India port.
The Davis Index for SS 316 solids also rose by $42/mt to $1,967/mt cfr India port Tuesday after a healthy trading week. Most traders or mills that import from UAE have traded higher quantities which pushed prices upwards. As UAE will have a week-long holiday to observe National Day and markets will remain closed, only deliveries will be taking place, said exporters of UAE markets.
Demand for 300 series SS scrap is high and will keep supporting prices in the near term too. Demand for 400 series is also up, said traders in India. The weekly Davis Index for 430 solids Tuesday settled at $488/mt cfr India port, up by $8/mt. Prices of SS 430 solids is almost trading at a three-year high, said traders.
The weekly Davis Index for Zurik 85/3 settled at $1,166/mt cfr India port, down by $36/mt. Offers for Zurik are extremely high around $1,200/mt cfr India port while most bids from were around $900-1,050/mt. Zurik offers are high on the back of higher copper prices and high SS demand.
The weekly Davis Index for SS 304 (18-8) solids in Taiwan Tuesday settled at $1,310/mt cfr Taiwan port, up by $32/mt while the weekly index for SS 316 solids settled at $1,967/mt cfr Taiwan port, also up by $32/mt. Demand is substantial from mills but they are cautious of high prices in global market.
The official three-month LME nickel rose by 2pc or $323/mt to $16,388/mt. Most SS scrap offers were raised in line with the climb in nickel prices. Some traders believe that prices are likely to soften in the coming weeks as December is seasonally a slow trading month owing to the holiday season. However, prices are bullish and uncertainty around how this unprecedented year will end persists.