Imported stainless steel prices, especially 304 and 316 SS solid prices, were flat to up on Tuesday from a week ago, driven by high offers countered by low bids as demand continues to be low in India with some indications of green shoots ahead.
The weekly Davis Index for 304 (18-8) solids on Tuesday settled at $1,801/mt cfr India port, up by $5/mt. Offers were heard at $1,780-1,830 levels for US-origin material while EU-origin went up to $1,1850/mt levels. The weekly Davis Index for 316 solids on Tuesday settled at $2,415/mt cfr India port, up by $11/mt though some deals were heard at $2,400 levels. Offers were in the range of $2,400-2.450/mt cfr India port. Demand has improved from the lows of the prior weeks but is still not substantial.
The official three-month LME nickel contract settled at $17,664/mt on Monday, down $523/mt, or 3pc, from a week ago. Markets have not factored in the dips in LME nickel yet and may affect scrap prices if nickel drops any further.
The weekly Davis Index for Zurik 85/3 on Tuesday settled at $1,519/mt cfr India port, down by $2/mt pressured by low bids between $1,450-1,470/mt while offers were heard exceeding $1,550 levels. Fewer deals were reported due to the offer-bid gap. Demand continues to be low as mills are still not back to optimum capacity levels. Offers continue to be high as there is material shortage in some regions globally for Zurik.
The weekly Davis Index for 430 solids on Tuesday settled at $688/mt cfr India port, up by $27/mt driven by slight rise in demand. Mills manufacturing 202 products have upped demand for 430 to mix with 202. The offers for 430 were heard at $700-720/mt levels and bids were heard at $690/mt cfr India port on Tuesday.
The indexes for Taiwan shot up on Tuesday, energised by demand ahead of Taiwan’s long weekend for the traditional Dragon Boat festival. The weekly Davis Index for 304 (18-8) solids on Tuesday for Taiwan settled at $1,592/mt cfr Taiwan port, up by $50/mt.
The weekly Davis Index for 316 solids on Tuesday settled at $2,298/mt cfr Taiwan port, up by $58/mt from the prior Tuesday driven by strong demand.