Domestic 304 grade stainless steel scrap prices moved up by INR 1,000/tonne (t) w-o-w at INR 134,000/t ($1,626/t) ex-Delhi today, as per SteelMint data. Prices got support from rising nickel futures on the London Metal Exchange (LME).
LME’s 3-months nickel (Ni) prices rose by $2,000/t w-o-w at the time of publishing the article.
Meanwhile, imported scrap offers were above $1,600 for 304 grade. Deals for this grade for Europe-origin cargo are happening at a price of $1,600/t. Scrap suppliers are bullish about prices in the short term.
Finished prices edge up w-o-w
Prices of 304 grade stainless steel HRCs and CRCs increased by INR 2,000/t w-o-w amid positive LME nickel movements. The price of 304 grade stainless steel HRC ex-Mumbai was recorded at INR 245,000/t ($2,974/t).
Primary stainless steel producer, Jindal Stainless Limited (JSL), has announced a hike in its finished products prices of 304 , 316 series and JT products recently amid an uptick in LME nickel prices, reliable sources informed SteelMint. However, passive demand prevailed in the market at the current scenario.
The price hike by primary producer has supported domestic prices today.
Ferro chrome trends
According to SteelMint’s assessment on 1 December, Indian ferro chrome prices fell by INR 1,800/t w-o-w to INR 96,500/t exw-Jajpur. Prices decreased due to weak demand at higher prices, as a drop in purchase tender price by a Chinese stainless-steel producer gave confidence to other buyers to book material at lower price. Furthermore, sellers were under pressure due to low demand and excess inventory. Furthermore, some new players have resumed production. Because of the oversupply, manufacturers were forced to lower their prices in order to attract new customers.
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