Stainless steel prices remained stable this week. Domestic 304 grade stainless steel scrap prices ex-Delhi were at INR 134,000/t ($1,617/t), while 304 grade stainless steel HRC prices were at INR 244,000/t ($2,945/t) ex-Mumbai.
Nickel LME prices corrected around 11% compared to last week. LME’s three-month nickel prices are hovering around $27,700/t currently.
Market highlights
LME nickel prices have corrected from previous week’s level. The scrap market is still witnessing lower buying volumes by the top producers.
In the finished segment, sentiments were mainly moderate. Market participants are facing liquidity issues, in-house inventory build up, and lower sales from the downstream industry, allthough buying queries have ushered in positivity in the market.
Ferro chrome prices rise
Indian ferro chrome prices rose w-o-w to around INR 103,000-105,000/t exw-Jajpur due to good demand from the export market as multiple enquiries from the domestic and international markets were received by the smelters. This week, Chinese buyers were more active since they wanted to stock up material before the Lunar New Year holidays.
Molybdenum prices remain elevated
Domestic and global prices of ferro molybdenum continued to remain strong. As per SteelMint’s assessment of FeMo 60% prices surged to ₹ 3,525,000/t ($43,005/t) w-o-w.
Outlook
The domestic market has opened on a optimistic note, although the market is yet to react. Market participants anticipate a recovery in the coming weeks after the Lunar holidays in China.
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