India’s domestic and imported stainless steel (SS) scrap prices remained stable w-o-w. Despite rise in LME nickel prices to a six-week high since 21 January 2025.
As per BigMint’s assessment, domestic 304-grade SS scrap stood at INR 115,000/t ex-Delhi, while the imported variant of the same, originating from nearshore regions, was priced at $1,265/t CFR Mundra steady w-o-w.
LME nickel prices rise w-o-w
At the time of reporting, three-month LME nickel prices stood at $16,340/t, up 4.5% from last week’s $15,635/t. Meanwhile, nickel stocks in LME-registered warehouses stood at 199,410 t, up 2% from the previous week’s 192,180 t.
The price increase is attributed to a weaker US dollar and Indonesian policy disruptions that have tightened mining operations. While positive macroeconomic news from China has provided some support, ongoing US tariffs have capped significant gains.
BigMint’s daily assessments
- Nearshore-origin SS 316 scrap (loose) was at $2,460/t, steady w-o-w.
- Nearshore-origin SS 201 scrap (loose) was at $690/t, steady w-o-w.
- Nearshore-origin SS 430 scrap (loose) was at $590/t, steady w-o-w.
- SS 316 scrap, ex-Delhi stood at INR 213,500/t, stefterady, w-o-w.
Market scenario
A market participant stated, “Suppliers quoted SS 304 scrap at $1,280-1,300/t after the rise in LME nickel prices. However, the workable range remains between $1,260 and $1,270/t, CFR West Coast, India.”
Meanwhile, SS 316 scrap offers were reported at $2,480-2,490/t, with bids ranging from $2,450 to $2,460/t, CFR Mundra. However, inquiries for SS 316 grade scrap remained subdued.
Additionally, SS 430 scrap from South Korea origin was recently booked at $593-595/t, CFR Mundra.
Major mills domestic scrap buying prices for SS 304 were INR 117,500/t, and for SS 316, they stood at INR 215,000/t, with a 45-day payment term.
A trader source mentioned, “Mills are primarily focused on domestic purchases, with no immediate concerns regarding scrap supply. Selling to the local market is currently more viable than supplying major mills.”
Other updates
US stainless steel scrap processor prices steady: Stainless steel scrap prices in the US remained stable w-o-w, with minimal movement in demand. Export prices also held steady, with market participants noting a lack of fresh export demand from India. Despite recent LME price increases, export pricing has not surged. The export outlook remains uncertain due to ongoing tariff concerns.
Outlook
In the short term, market activity is expected to remain slow due to the upcoming Holi festival. Finished segment demand is likely to remain subdued, as per market sources.
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