India: Stainless steel scrap offers remain stable w-o-w amid muted activity

• Diwali curbs trade, participants stay away for holidays
• European tags firm amid weak demand, tight liquidity

India’s stainless steel scrap market remained largely unchanged w-o-w, as Diwali holidays curtailed trading activity, with most participants staying away from the market. BigMint assessed domestic 304-grade scrap at INR 116,000/t ex-Delhi and imported 304-grade nearshore scrap at $1,280/t CFR Mundra, both steady w-o-w.

A leading buyer said, “We have been out of the market for a week, so there are no indicative numbers currently, and buying was paused.” Another buyer noted, “We have not made any recent purchases due to the holidays, but indicative levels are around $1,260-1,280/t CFR for 304 and $2,500-2,530/t CFR for 316.”

Global market highlights

European 18-8 stainless scrap prices were stable in the week ending 24 October, with subdued demand and limited liquidity keeping the market flat. While 304-grade scrap was at EUR 1,010/t CIF Rotterdam, unchanged w-o-w, Italian domestic offers hovered at EUR 990-1,000/t amid weak mill demand and pressure from Indonesian slab imports. Traders noted quiet conditions as both buyers and sellers held steady, waiting for clarity on CBAM and trade policies. Some optimism persists for renewed buying by December as mills gear up for early 2026.

BigMint’s scrap assessments

• Nearshore-origin SS 316 scrap (loose): $2,530/t, unchanged w-o-w.
• Nearshore-origin SS 201 scrap (loose): $660/t, steady w-o-w.
• Nearshore-origin SS 430 scrap (loose): $575/t, steady w-o-w.
• SS 316 scrap ex-Delhi: INR 219,000/t, steady w-o-w.
• SS utensil ex-Delhi: INR 60,000/t, unchanged w-o-w.

LME nickel range-bound

Nickel prices on the London Metal Exchange (LME) edged up by $130/t, with the three-month contract at $15,285/t against $15,155/t last week. LME-registered nickel stocks edged up marginally to 250,854 t as against 250,530 t in the previous week.

Outlook

The stainless steel scrap market is likely to stay subdued early next week as buyers gradually return and trading activity picks up post-holidays.