Indexes for imported stainless steel scrap in India trended mixed on Tuesday with 304 and 316 down while 430 and Zurik rose from the prior week. A drop in nickel prices has brought down prices of 304 and 316.
The weekly Davis Index for 304 (18-8) solids on Tuesday settled at $1,754/mt cfr India port, down by $41/mt driven by a fall in LME nickel contract. Offers for the grade were heard around $1,760 – $1,780/mt cfr India port, some bids were heard at $1,740/mt cfr India port while a few deals were heard at around $1,750/mt cfr India port.
The official LME nickel contract on Monday settled at $16,824/mt, down by $904/mt in a week. This drop has pushed scrap prices lower from the previous week. Trades in India were thin amid the lockdown which is expected to end this month in most states in India. The weekly Index for 316 solids on Tuesday settled at $2,365/mt cfr India port, down by $23/mt.
The weekly Davis Index for Zurik 85/3 on Tuesday settled at $1,527/mt cfr India port, slightly higher by $9/mt. The demand for Zurik is strong globally but there is a shortage of the material which is supporting its prices despite a slip in both, nickel and copper prices.
The three-month LME copper on Monday settled at $9,884/mt, down by $399/mt from the previous week levels.
The index for 430 solids on Tuesday settled at $709/mt cfr India port, up by $11/mt. Offers for the same were heard above $730/mt levels cfr India port but deals were thin on Tuesday with most mills shut due oxygen shortage.
Sentiments in India are weak as the country fights the resurgence of COVID-19 and oxygen scarcity. Several market participants rued shortage of workforce in major cities which has led to production cuts, and reduced scrap procurement. Mills are now focusing on export of finished goods as demand in domestic market has softened.
The weekly Davis Index for 304 (18-8) settled at $1,518/mt cfr Taiwan port, down by $67/mt in line with a drop in LME nickel contract. Freight prices have fallen slightly compared to the previous week. The weekly Davis Index for 316 solids on Tuesday settled at $2,212/mt cfr Taiwan port, down by $23/mt driven by stable demand but lowered offers in line with LME nickel.