India: Stainless steel scrap prices range-bound w-o-w amid moderate buying

• Chinese nickel ore stockpiles see build-up
• LME nickel sluggish, warehouse stocks rise

India’s imported and domestic stainless steel scrap prices remained range-bound 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, stable w-o-w . On the other hand, the imported variant of the same grade, sourced from nearshore regions, was priced at $1,300/t CFR Mundra, dipping by $15/t 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 $15,020/t, slightly down from last week’s $15,115/t. Nickel stocks in LME-registered warehouses saw an increase of 2.7%, standing at 203,598 t, compared to the previous week’s 198,126 t.

Additionally, nickel ore stockpiles at Chinese ports have increased, but support for stainless steel futures emerged as the Chinese government announced funding for a consumer goods trade-in programme and Guangdong eased its restrictions on the property market. Meanwhile, LME nickel inventories declined for two consecutive days. However, with buyers only purchasing on demand and market sentiment remaining cautious, nickel prices are holding steady and may see limited fluctuations in the short term.

BigMint’s daily scrap assessments

Nearshore-origin SS 316 scrap (loose) stood at $2,490/t, down $5/t w-o-w.

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

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

SS 316 scrap, ex-Delhi, stood at INR 210,000/t, down INR 1,000/t w-o-w.

Market updates

Stainless steel scrap prices remained range-bound during the week due to limited demand in the finished market.

Indian mills have been actively booking stainless steel 304 scrap in the range of $1,290-1,300/t, and 316 scrap were heard at $2,480-2,490/t CFR India. However, activity in 316 stainless scrap has remained muted, with buyers showing limited interest at offer levels near $2,520/t.

Outlook

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