India: Stainless steel scrap prices remain rangebound w-o-w

• LME nickel prices show slight w-o-w decline
• Demand for finished products may improve after monsoon

India’s imported and domestic stainless steel (SS) scrap prices remained range-bound w-o-w.

According to BigMint’s assessment, domestic 304-grade SS scrap stands at INR 114,000/t ex-Delhi, down by INR 1,000/t w-o-w . On the other hand, the imported variant of the same grade, sourced from nearshore regions, was priced at $1,285/t CFR Mundra, stable w-o-w.

LME nickel prices up w-o-w

Nickel prices on the London Metal Exchange (LME) have shown little movement. The three-month LME nickel price was recorded at $15,165/t, slightly down from last week’s $15,360/t. Nickel stocks in LME-registered warehouses gone up slightly, standing at 204,738 t, compared to the previous week’s 203,628 t.

BigMint’s daily scrap assessments

• Nearshore-origin SS 316 scrap (loose) stood at $2,485/t, steady w-o-w.
• Nearshore-origin SS 201 scrap (loose) was assessed at $700/t, down by $5/t 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

According to market participants, “Demand in the domestic market stayed weak due to sluggish finished goods consumption, though there is an expectation that demand will pick up after the monsoon season.”

Another source noted that some mills were actively seeking more affordable raw material options, which has led to increased use of substitutes and alternative inputs in response to ongoing cost pressures and weak market conditions.

Indonesia’s 304 scrap were heard traded at $1,300/t CFR while 316 scrap were heard at $2,475/t CFR Mundra as per market sources.

Outlook

Stainless steel imported and domestic scrap prices are expected to remain on the lower side amid weak demand for stainless steel.