The Davis Index for ss 304 (18-8) Tuesday settled at $1,532/mt cfr India port, up by $31/mt from the week prior as demand for scrap continues to increase. Prices continue to rise sharply weekly as mills try to meet the growing appetite for stainless steel products in India.
The Davis Index for ss 316 settled higher by $46/mt to $2,130/mt cfr India port on Tuesday from a week ago as demand surges.
Import prices are rising on the back of strong demand and higher freight prices which were termed to be a burden on the importers. Container shortages are leading to higher freight costs for over a month now without any favourable option for importers.
The Davis Index for Zurik 85/3 Tuesday settled at $1,370/mt cfr India port, increased by $92/mt compared to the week prior. Zurik prices are up boosted by uptrend in global copper and ferrous scrap prices. The Davis Index for 430 solids on Tuesday settled at $550/mt cfr India port, up by $9/mt from the preceding week. Demand for 430 is rising backed by mills increase in procurement ahead of holiday season when availability of scrap may decline.
Indian Stainless Steel Development Association (ISSDA) has requested the government to remove import duty on stainless steel scrap, ferro-nickel and graphite electrodes in a bid to increase stainless steel production in India and aid the MSME sector. These are key raw materials needed to produce stainless steel. Stainless steel scrap and ferro-nickel currently attract a basic customs duty of 2.5pc while graphite electrodes fetch a duty of 7.5pc. Availability of these raw material is critical to the stainless steel mills and an exemption of the current duties would be beneficial to the stainless steel industry.
The Davis Index for 304 (18-8) solids for Taiwan settled at $1,370/mt cfr Taiwan port, flat from the prior week while the weekly index for 316 solids settled at $2,000/mt cfr Taiwan port, up by $12/mt on Tuesday from the previous week. Lower bids for 304 from Taiwan importers on the back of lower LME Nickel has kept prices in check. The official three-month LME nickel contract on Monday settled at $17,416/mt, down by $235/mt from the earlier week.