Imported stainless steel scrap prices in India were mixed across grades on Tuesday, with 304 and Zurik up, while other grades down from the last week.

 

The official three-month LME nickel contract dropped sharply by $619/mt or by 3.17pc from last week to $18,898/mt. This prompted scrap bids in Taiwan to slip during the week.

 

The Davis Index for 304 (18-8) solids, Tuesday, settled at $2,168/mt cfr India port, up $25/mt from a week ago driven by a rise in demand from mills and a slight short supply of scrap. High freights costs also added to the price rise.

 

The Davis Index for 316 solids, Tuesday, settled at $3,107/mt cfr India port, down by $11/mt, pressured by lower bids despite high offers from the US and EU-based yards. Fewer deals were heard for 316 on Tuesday. Sellers said prices cannot be lowered because of tight supply and high freight rates.

 

The Davis Index for Zurik 85/3 on Tuesday settled at $1,809/mt cfr India port, up by $45/mt from a week ago. Copper gained sharply in the last two days and lifted Zurik 85/3 prices. Shortage of containers and material continues to persist in the market. The Davis Index for 430 solids on Tuesday settled at $760/mt cfr India port, down by $58/mt pressured by lower bids amid a slight dip in demand. Few buyers are actively inquiring for 430 solids, sellers said.

 

In Taiwan, the Davis Index for 304 solids, Tuesday, settled at $1,445/mt cfr Taiwan port, down by $160/mt from the last week, primarily due to the sharp drop in nickel prices. The index for 316 solids settled at $2,105/mt cfr Taiwan port, down by $97/mt from a week ago.

 

Taiwan’s industrial production dipped in July compared to June as a rise in COVID-19 cases hampered manufacturing. SS scrap prices cfr Taiwan have moved both ways over the last few weeks amid weak demand.

Leave a Reply

Your email address will not be published.