Domestic 304 grade stainless steel scrap prices fell to INR 138,000/t ($1,670/t) ex-Delhi today, according to SteelMint data. The ex-Mumbai price of 304 grade stainless steel HRC remains stable at INR 247,000/t ($2,989/t). Stainless steel prices rose as nickel prices on LME price have increased.
At the time of publishing this article, LME’s three-months nickel prices rose to around $29,200/t.
Market highlights
Global prices for 304 grade scrap of European-origin range between $1,590/-$1,610/t. “Heard some deals were concluded above $1,620/t levels at the end of last week, even 316 grade scrap was sold at $2,900/t, although offers from buyers have moved down this week,” a trader source inormed. Domestic stainless steel scrap offers were squeezed due to lower demand from the mills.
“Demand from the downstream industry is very poor. Sales and payment recovery has slowed down. There is liquidity problem in the market,” a mill source shared.
Trends in ferro chrome
Indian ferro chrome prices increased w-o-w as prices in China rose and enquiries increased. Furthermore, several export deals were signed, with realisations far exceeding those achievable in the domestic market. This resulted in an increase in domestic offers, and buyers gradually became willing to accept higher prices. On 15 December, prices were around INR 97,500/t exw-Jajpur.
Outlook
Prices of finished stainless steel scrap appear to be stable. Overseas scrap trades are witnessing mixed sentiments. Market participents are expecting recovery in the market after the New Year holidays.
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