India: Stainless steel scrap prices remain stable w-o-w; outlook optimistic on strengthening US dollar

• LME nickel remains unchanged w-o-w
• Prices to stay firm on strong USD

India’s domestic and imported stainless steel (SS) scrap market stayed largely steady amid limited trading and currency fluctuations.

BigMint assessed 304-grade domestic scrap at INR 114,000/t ex-Delhi, unchanged w-o-w, while imported 304-grade from nearshore origins settled at $1,290/t CFR Mundra, a marginal $10/t uptick.

Market scenario

A trader noted that stability persisted due to moderate buying, though firm prices are expected with a stronger dollar. Another source highlighted that bid-offer mismatches kept deals thin, with secondary buyers focusing only on need-based purchases. A buyer source added that while last week saw active bookings, this week saw a stable trend, with balanced availability of scrap as against demand and no significant pressure on the market.

Stainless steel 304 scrap was reported at $1,180-1,200/t CIF Rotterdam, $1,215-1,235/t CIF Japan, $1,280-1,325/t CIF South Korea, and $1,215-1,280/t in Taiwan.

BigMint’s scrap assessments

• Nearshore-origin SS 316 scrap (loose): $2,500/t, steady w-o-w.
• Nearshore-origin SS 201 scrap (loose): $660/t, steady w-o-w.
• Nearshore-origin SS 430 scrap (loose): $600/t, up $10/t w-o-w.
• SS 316 scrap ex-Delhi: INR 217,000/t, up by INR 1,000/t w-o-w.
• SS utensil ex-Delhi: INR 59,000/t, steady w-o-w.

LME nickel remains rangebound

Nickel prices on the London Metal Exchange (LME) remained unchanged on the week, with the three-month contract at $15,279/t versus $15,272/t last week. LME-registered nickel stocks rose 1% to 230,586 t from 228,450 t.

Outlook

Scrap prices are expected to stay firm in the near term, supported by a stronger US dollar and prospects of improved downstream demand in the festive season.