In the week ending Oct 27, stainless steel (SS) scrap prices rose despite a fall in LME nickel contract. Prices also rose as there is a shortage of 20ft containers coming to India, informed market participants. The official three-month LME nickel contract slipped by 2pc or $286/mt from the previous week, and closed at $15,418/mt on Monday.
The weekly Davis Index for 316 Solids rose by $18/mt to $1,915/mt cfr India port Tuesday up on better demand. The weekly Davis Index for 304 (18-8) trended flat to up as it settled at $1,305/mt, up by $1/mt on Tuesday.
Demand from mills was better compared to previous week but several mills are still waiting to offload built-up inventories ahead of Diwali festivities before they procure new load.
The weekly Davis Index for Zurik 85/3 rose by $7/mt on Tuesday to $1,045/mt cfr India port. Zurik prices rose in line with slight increase in global ferrous prices and copper prices. Zurik prices have moved in a very narrow range in the past couple of weeks after its rise in September, when it reached a nine-month high. This week prices ranged upwards and are expected to reach that mark soon if market demand picks-up.
The weekly Davis Index for SS 430 settled at $463/mt cfr India port, up by $17/mt. Higher chromium content SS scrap received higher demand probably on the back of forging companies lifting production capacities. Sources informed Davis Index that Taiwan imported 430 solids at $365/mt cfr Taiwan port.
The weekly Davis Index for 304 (18-8) solids in Taiwan rose by $12/mt to $1,265/mt cfr Taiwan port. Prices rose on higher demand from mills. In Taiwan, the pace of economic recovery has accelerated and demand is expected to rise. The weekly Index for 316 solids to Taiwan increased by $35/mt to $1,825/mt cfr Taiwan port.