In India, imported stainless steel scrap prices Tuesday rose by 2-10pc for major grades on improved demand and LME nickel gains. The official LME three-month nickel gained 3pc or $461/mt Monday to settle at $14,195/mt from the week prior.

 

The Davis Index for 304 (18-8) solids settled Tuesday at $1,241/mt cfr India port, up by $53/mt from the week prior and the index for 316 solids rose by $39/mt to $1,834/mt cfr India port on the back of LME nickel gains and improved steel demand.

 

Demand for SS 430 in India is still subdued, said fabricators, but is expected to rise in the near future. The Davis Index for 430 solids rose by $10/mt to $430/mt cfr India port amid few trades. Suppliers from Vietnam and South Korea are offering SS scrap at higher prices in line with the uptrend in ferrous scrap prices, but Indian importers shied away from high offers and bid $400-410/mt for SS 430 scrap.

 

Importers said demand from stainless steel mills has increased in August with better demand from the infrastructure sector. SS mills have started enquiring for US and Europe-origin scrap amid an anticipated revival in demand from cooking ware, pharma and infrastructure sector in the country. The Davis Index for Zurik rose by $87/mt and settled at $1,145/mt cfr India port from the week prior backed by improved demand from end-users.

 

In Taiwan, import rates of 304 and 316 rose on an uptick in demand. The Davis Index for 304 (18-8) rose by $20/mt and settled at $1,145/mt cfr Taiwan port and the index for 316 solids settled at $1,725/mt cfr Taiwan port on Tuesday from the prior week. Prices of SS 316 increased with support from a rise in LME molybdenum. On Monday, LME molybdenum settled at $16,596/mt ($7.53/lb) up by $662/mt from the prior week. 

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