India’s stainless steel prices have maintained stability this week. BigMint’s assessment indicates a minor uptick of $30/tonne (t) for imported 304 scrap, reaching approximately $1,380/t. Domestic 304 scrap, ex Delhi NCR price also gone up by INR 2,000/t.
In the finished segment, prices have remained unchanged from the previous week, with 304 HRC assessed at INR 173,000/t and domestic 316-HRC at INR 305,000/t ex- Mumbai.
Although LME nickel prices increased by $1,515/t w-o-w, reaching $18,560/t for 3-month delivery, the market dynamics are not currently synchronised with nickel LME prices. Instead, it is characterised as a buyer’s market due to subdued demand. Sellers are anticipating a price rise at the end of this week. Notably, nickel stocks in LME warehouses decreased by 2.352 t w-o-w to 75,420 t.
Scrap market
In the domestic scrap market, as per BigMint assessment, the price of 304 scrap remained at INR 116,000/t ex-Delhi NCR, cash payment basis. It is heard that major mills are buying 304 scrap at around INR 118,000-118,500/t DAP with 45 days credit basis.
Offer levels for 304 turning scrap were reported at INR 103,000-105,000/t, while those for 316 turning scrap were at INR 184,000-186,000/t, ex-Mumbai. Additionally, offers for 304 plate cutting scrap sourced from the ship recycling sector were at INR 128,000-130,000/t, ex-Gujarat.
This week, imported offers remained firm with suppliers heard quoting prices for 304-grade scrap at $1,370-1,390/t. Meanwhile, prices for 316-grade scrap are now at $2,540/t CFR Mundra. However, demand and purchasing interest have remained relatively subdued in the market. Meanwhile, offers from nearshore for 430-grade are priced between $650 and $670/t.
A source informed BigMint that only mill-based buyers are currently procuring scrap from the domestic market.
Finished segment
In the finished steel market, prices remained at stable levels. As per BigMint’s assessment, 304 HRC is priced at INR 173,000/t, while 316 HRC stands at INR 305,000/t.
Meanwhile, market participants anticipate that prices may be adjusted upward by mills due to an increase in nickel prices on the LME.
Trade sources said, “Expectations are emerging that the industry will gain momentum following the Indian general elections, while currency flow in the market remains constrained.”
China market overview
During the week, China’s domestic stainless steel market experienced a decrease. Prices of 304 grade CRC reached RMB 14,300/t ($1,997/t), marking a drop of RMB 100/t ($13/t), ex-works in China. FOB prices of 304 grade CRC stood at $2,008/t, down $43/t.
As per sources, China’s market is experiencing a slowdown. Moreover, the NPI market in China has calmed down due to the Qingming Festival and has not yet recovered from the holiday atmosphere. Chinese NPI prices stayed relatively stable for the week due to limited trading.
European market
The ongoing strikes at Acerinox and Outokumpu have tightened supply across Europe, leading mills to extend delivery times until June. Concerns over prolonged disruption and lower prices in Asia are driving some buyers to secure supply from countries like Taiwan and Turkey. Delays and lead times from domestic mills are further motivating European buyers to increase imports of finished stainless steel.
Raw materials scenario
Ferro molybdenum: Ferro molybdenum prices witnessed minor decrease of INR 14,000/t ($168/t) from the prior assessment on 3 April. Prices on the domestic market stayed constant due to the moderate levels of demand.
As per BigMint’s assessment on 3 April, Indian ferro molybdenum prices stood at INR 2,337,000/t ($28,087/t) exw-Nagpur on a 60% pro-rata basis.
Ferro chrome: Indian ferro-chrome prices (HCFeCr60%) stood at INR 109,900/t exw-Jajpur. Prices witnessed a marginal decline of INR 1,700/t compared to the previous week, reflecting volatile market dynamics.
Recent deals
A recent deal for 100 t of shredded SS 304 from Malaysia sold at $1350/t, CFR Nhava Sheva.
Around 50t of SS 304 plate cutting was heard concluded at INR 129,000/t, ex-Gujarat.
A deal for 100 t of SS 316 scrap was sold at INR 208,000/t, ex-Delhi.
A recent deal for SS 304 HRC was heard at INR 170,000/kt, ex-Mumbai.
Outlook
Expectations are high for a price increase in the near term. However, uncertainties loom regarding the upcoming elections, as well as potential impacts from the fluctuation of nickel LME prices.