The weekly Davis Index for 304 (18-8) solids rose by $24/mt to $1,332/mt cfr India port on Tuesday from the week prior on improved demand. The index for 316 solids rose by $4/mt to $1,885/mt cfr India port from the prior week. Demand for stainless steel scrap in India is not just back to pre-COVID levels but apparently better than, said importers. SS scrap demand has increased gradually over a period of two months in a rangebound market. The rise in prices is a clear indicator of demand growth and also a rise in average nickel prices.
In the first week of September, bookings for 304 and 316 solids were strong from US, Europe and Canada as Indian importers booked 40ft containers for September/October shipments. Prices are projected to rise further, which is driving healthy bookings by mills. In India, demand for finished steel has gradually improved, while robust demand from China is keeping global SS prices on the higher end.
In Taiwan, prices for 304 (18-8) fell by $10/mt to $1,250/mt cfr Taiwan port and the index for 316 fell by $10/mt to $1,860/mt on Tuesday from the prior week in line with a drop in LME nickel. The official three-month LME nickel fell by 1pc or $213/mt on Monday from the week prior. Prices in Taiwan mirrored the drop in LME, however, prices in India stayed firm on the back of strong demand.
The Davis Index for Zurik fell by $18/mt to $1,070/mt cfr India port. Importers are bidding at around $1,010-1,020/mt for Zurik, but transactions have failed to close at these levels. Prices are already hovering on the higher side on the back of high copper and nickel prices. The Davis Index for 430 solids rose by $28/mt to settle at $468/mt cfr India port as demand improved on smooth supply chain flow.