In the week ending Oct 13, prices of stainless-steel scrap rose for major grades between 1.68 – 3.9pc on Tuesday from the week prior driven by high offers. In the same interval, LME Nickel grew by $852/mt and settled at $15,257/mt on Monday, driving stainless steel scrap prices upwards.

 

The Davis Index for ss 304 (18-8) solids rose by $35/mt to $1,297/mt cfr India port and the index for ss 316 solids rose by $31/mt to settled at $1,878/mt cfr India port on Tuesday from the preceding week. Demand from mills is lower in India compared to the previous week but offers from US and Europe yards were raised on the back of higher LME Nickel prices. Amid low demand from end-users, Indian importers and mills shied away from new orders and are waiting on the sidelines for prices to fall.

 

In Taiwan, buying prices rose amid higher offers but several trades were concluded. The Davis Index for ss 304 (18-8) solids settled at $1,235/mt cfr Taiwan port, up by $40/mt on Tuesday backed by demand from the mills. Similarly, the weekly index for 316 solids rose by $40/mt to $1,845/mt cfr Taiwan port. Demand from south-east Asian countries is stronger than India, shared importer.

 

The Davis Index for 430 solids Tuesday settled at $445/mt cfr India port up by $17/mt. New orders were few amid higher offers. Mills bid at $420-430/mt and failed to secure deals. Some transactions closed between $440-450/mt.

 

The Davis Index for Zurik 85/3 settled at $1,050/mt cfr India port, unchanged from the previous week. Prices have not moved in the last two weeks amid low demand, despite a rise in average copper prices. Low demand is pressuring prices of Zurik 85/3.

 

Importers believe that prices are likely to remain rangebound in the coming weeks, and trades will improve as the wait-and-watch approach may not be suitable if prices eventually do not fall. Markets would go back to normalcy as soon as demand improves even slightly. 

Leave a Reply

Your email address will not be published.