- Need-based buying persists in muted market
- Mills looking to decrease scrap purchase prices
This week, India’s domestic stainless steel scrap prices witnessed a weekly dip. Meanwhile, imported scrap prices remained range-bound with minimal fluctuation over the week. The overall market activity remained moderate, with buying driven by specific needs.
As per BigMint’s assessment, domestic 304-grade SS scrap stood at INR 116,000/t ex-Delhi, while the imported variant of the same, originating from nearshore regions, was priced at $1,270/t CFR Mundra.
LME nickel prices dip w-o-w
At the time of reporting, three-month LME nickel prices stood at $15,535/t, largely stable from last week’s $15,775/t. Meanwhile, nickel stocks in LME-registered warehouses stood at 180,900 t, up 4% from the previous week’s 173,562 t.
BigMint’s daily assessments
Nearshore-origin SS 316 scrap (loose) was at $2,460/t, down by $5/t w-o-w.
Nearshore-origin SS 201 scrap (loose) was at $680/t, down by $10/t w-o-w.
Nearshore-origin SS 430 scrap (loose) was at $580/t, steady w-o-w.
SS 316 scrap, ex-Delhi stood at INR 217,000/t, down INR 2,000/t w-o-w.
Market scenario
Suppliers offered SS 304 scrap at $1,280-1,300/t, with workable levels ranging from $1,260 to $1,270/t, CFR west coast, India. Meanwhile, SS 316 scrap offers were heard at $2,480-2,500/t, and bids were observed at $2,430-2,450/t, CFR Mundra. However, the inquiries for SS 316 grade scrap remained on the lower side.
A source informed BigMint, “The finished market is not in a good state at the moment. Buying activity from mills is slow, and even local mills are planning to decrease scrap purchase prices. Additionally, offers for the imported material were on the higher side, but bids are currently lower. We expect to start booking scrap from next week.”
In week 6 of 2025, BigMint observed trades for around 200-300 t of 304 scrap at around $1,250/t. Additionally, trades for around 100-200 t were heard for SS 201 scrap originating from Middle East at $680/t CFR Mundra.
In the domestic market, trade activities remained low to moderate, with small-volume deals heard at around INR 117,000-119,000/t ex-Delhi for SS 304 scrap.
A trader source informed BigMint, “Domestic buying prices have declined as we currently have enough inventory, and previously booked imported scrap is still in the pipeline.”
Outlook
Stainless steel scrap prices are expected to stay range-bound in the near term. However, buying activity is likely to see a slight uptick as demand for finished stainless steel products is anticipated to pick up in the coming months.
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