Domestic 304 grade stainless steel scrap prices remained stable w-o-w at INR 131,000/t ($1,604/t) ex-Delhi today, as per SteelMint data. Large mills stopped booking for the day and remained watchful due to the month-end.
LME’s 3-months nickel (Ni) prices have corrected to around $26,200/t at the time of publishing the article.
Scrap buyers are quoting lower bids due to correction in LME Ni prices and subdued demand. Deals for 304 grade scrap for Europe-origin cargo are happening at a price range of $1,520/t-$1,550/t. Domestic stainless steel scrap buying was subdued because key players were out of the market due to the month-end, waiting for the next month targets.
Finished prices stable w-o-w
Finished prices of 304 grade stainless steel HRC and CRC remained stable despite LME volatility. The price of 304 grade stainless steel HRC ex-Mumbai remains stable at INR 244,000/t ($2,988/t).
There was no visible impact of the removal of export duty seen in the market. Most of exporters are expecting HRC/CRC exports to improve from Q4FY23.
Ferro chrome trends
Indian ferro chrome prices fell w-o-w amid muted demand. According to SteelMint’s assessment on 24 November, smelters were offering at INR 98,300-99,500/t exw-Jajpur, a marginal drop of INR 1,300/t w-o-w. Prices fell marginally w-o-w due to sluggish demand and hard bargaining by buyers. Weak Chinese demand also continued to weigh on ferro chrome prices.
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