India: Stainless steel scrap prices remain stable w-o-w amid moderate buying activity

• Domestic 304-grade scrap assessed at INR 113,000/t
• Limited interest seen for 316-grade SS scrap

India’s imported and domestic stainless steel scrap prices held steady w-o-w supported by moderate buying interest.

According to BigMint’s assessment, domestic 304-grade SS scrap stands at INR 113,000/t ex-Delhi, rangebound w-o-w . On the other hand, the imported variant of the same grade, sourced from nearshore regions, was priced at $1,315/t CFR Mundra, largely stable w-o-w.

LME nickel prices dip w-o-w

Nickel prices on the London Metal Exchange (LME) have shown little movement. The three-month LME nickel price was recorded at $15,115/t, down from last week’s $15,285/t. Nickel stocks in LME-registered warehouses saw a slight decrease, standing at 198,126 t, compared to the previous week’s 200,106 t.

BigMint’s daily scrap assessments

Nearshore-origin SS 316 scrap (loose) stood at $2,495/t, steady w-o-w.

Nearshore-origin SS 201 scrap (loose) assessed at $700/t, stable w-o-w.

Nearshore-origin SS 430 scrap (loose) assessed at $600/t, steady w-o-w.

SS 316 scrap, ex-Delhi, stood at INR 211,000/t, steady w-o-w.

Market updates

Indian mills have been actively booking stainless steel scrap in the range of $1,270-1,320/t, with most small-lot trades for 304 scrap happening between $1,270-1,290/t CFR India. However, activity in 316 stainless scrap has remained muted, with buyers showing limited interest at offer levels near $2,520/t.

Interestingly, some mills are reportedly blending molybdenum with 304 scrap to convert it into 316 grade, leveraging the higher realizations associated with 316 to maintain profit margins. This mixing is being driven by the wide price gap between the two grades and strong demand for 316 in specific sectors.

On the import front, offers from Europe for 304 SS scrap are heard around $1,325/t CIF India, while 316 scrap offers have reached $2,530/t, with some traders confirming purchases from new suppliers at this level.

Despite active bookings earlier in the month, major buyers have scaled back procurement in recent weeks, adding to the cautious tone in the domestic SS scrap market.

Outlook

Stainless steel scrap prices are expected to remain range-bound in the near term as buying interest remains muted.