Stainless steel (SS) scrap prices rose for all grades by 1-5pc in the week ending November 3. The official three-month LME nickel contract on Monday settled at $15,862/mt, up by $749/mt from the previous Monday.
The weekly Davis Index for 304 (18-8) solids on Tuesday rose by $27/mt to settled at $1,337/mt cfr India port amid rise in LME nickel which led to raised offers. Demand from mills was better this week. The weekly Davis Index for 316 solids settled at $1,913/mt cfr India port, up by a $27/mt. Mills are buying in bulk ahead of the long Diwali break. Buying is expected to resume post the holidays, said mill operators.
The weekly Davis Index for 304 (18-8) solids in Taiwan settled at $1,275/mt cfr Taiwan port, up by $21/mt. The weekly index for 316 solids settled at $1,850/mt cfr Taiwan port, up by $35/mt. Prices are up from the prior Tuesday, a holiday. Demand is rising gradually from mills and could go up in the coming weeks. Price hike of scrap remains a major concern.
Demand for SS scrap was low in general from India and Taiwan in the past few weeks as mills are eyeing slight fall in prices. Traders believe that scrap prices will not slide but demand from mills will revive which could support prices.
The weekly Davis Index for 430 solids settled at $460/mt cfr India port, up by $10/mt. Demand for 400 series is rising too. Traders believe that offers for 430 can exceed $500/mt in the next week on shortage of containers. The weekly Index for Zurik 85/3 Tuesday settled at $1,142/mt cfr India port, up by $61/mt, driven by gradually increasing demand for the scrap and hike in LME copper and nickel. The three-month official LME copper contract settled at $7,045/mt on Monday, up 5pc or $320/mt from the previous week.