Imported stainless steel scrap prices on Tuesday ticked upwards amid firm offers and slight improvement in demand. Bids for each grade were much lower than the market prices. Mills are waiting for more competitive prices amid a slowdown in demand caused by the lockdown.
The weekly Davis Index for 430 solids on Tuesday settled at $698/mt cfr India port, up by $25/mt driven by upwards price trend in ferrous scrap which resulted in higher offers for 430 solids. Offers were heard above $700 levels on Tuesday. However, mills in India have healthy inventories which they are using as and when required, and altering production capacities according to demand from consuming sectors.
Offers for Zurik 85/3 on Tuesday were heard in the range $1,500-1,530/mt cfr India port with a few deals being reported. A jump in copper and ferrous scrap prices has led to a rise in Zurik offers while shortage of material persists.
The weekly Davis Index for 304 (18-8) solids on Tuesday settled at $1,795/mt cfr India port. Offers were heard exceeding $1,800 mark on Tuesday while a few deals heard at $1,780-1,790/mt cfr India port. Some bids were heard at $1,775/mt on Tuesday.
The weekly Davis Index for 316 solids on Tuesday settled at $2,388/mt cfr India port, up by $13/mt driven by firm offers heard between $2,400-2,450/mt. Bids were heard around $2,380 on Tuesday.
The official three-month LME contract on Monday settled at $17,723/mt, down by $347/mt or 1.9pc in a week. The contract is up 9pc in a month and is projected to climb further driven by strong demand for stainless steel and nickel batteries, experts said.
Taiwan’s index for 304 solids zoomed on Tuesday after it settled at $1,585/mt cfr Taiwan port, up $013/mt from the previous week driven by rise in offers and demand in anticipation of a probable lockdown. However, traders from UAE and Europe found it difficult to complete any deals on Tuesday.
The weekly index for 316 solids on Tuesday settled at $2,235/mt cfr Taiwan port, up by $85/mt.
Taiwan reported a sudden hike in COVID-19 cases on Friday, which led to the government limiting gatherings in its capital city. New social distancing norms were announced on Saturday.