- Domestic market steady despite firmer imports
- Mills cautious amid weak stainless appetite
India’s stainless steel scrap market traded on a firmer note in the week ended 13 February, even as nickel prices on the London Metal Exchange (LME) remained volatile. Import offers were reported higher, while the domestic scrap segment largely moved range-bound as major mills limited fresh bookings. Buyers stayed cautious amid cost pressures and muted finished stainless demand.
As per BigMint’s assessments, domestic 304-grade scrap was assessed at INR 118,000/t DAP Delhi, steady w-o-w, while nearshore-origin 304 scrap stood at $1,300/t CFR Mundra, up by $20/t w-o-w.
Market participants expect upward pressure in 316-grade scrap, tracking firmness in ferro molybdenum amid tight global availability. A mill source said some producers had already restocked 316 material in advance, anticipating continued tightness in molybdenum supply and potential cost escalation in 300-series production.
LME nickel prices edge down w-o-w
On the cost side, benchmark three-month contract nickel prices on the London Metal Exchange (LME) closed at $17,035/t on 13 February, slightly down from $17,050/t in the previous week. LME-registered nickel stocks stood at 286,386 t from last week’s 285,282 t, largely unchanged w-o-w.
BigMint’s scrap assessments
Nearshore-origin SS 316 scrap (loose): $2,575/t, up by $15/t w-o-w.
Nearshore-origin SS 201 scrap (loose): $670/t, remained unchanged w-o-w.
Nearshore-origin SS 430 scrap (loose): $620/t, up $20/t w-o-w.
SS 316 scrap, DAP Delhi: INR 220,000/t, steady w-o-w.
SS utensil scrap, DAP Delhi: INR 67,000/t, up by INR 3,000/t w-o-w.
Outlook
Scrap prices are expected to remain firm supported by tightness in molybdenum supplies and selective restocking. However, cautious mill procurement and volatile nickel movements may cap aggressive upside. Import buying is likely to remain measured unless nickel stabilises and finished stainless demand improves.
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