India: Stainless steel scrap market remain firm amid supply constraints, cautious imports

• LME nickel prices soften, limiting scrap upside momentum
• Weak rupee widens import bid-offer gap significantly

India’s stainless steel scrap market remained firm in the week ended 3 April, supported by tight domestic availability and supply disruptions amid ongoing geopolitical tensions and elevated freight costs. Import bookings stayed limited, as a sharp movement in the rupee against the US dollar pushed up imported scrap offers, creating a wide bid-offer gap and reducing deal viability.

Domestic trade remained active, with mills procuring 304 scrap at INR 132,000–135,000/t and 316 at INR 230,000–245,000/t (DAP Delhi).

On the global front, suppliers increasingly diverted volumes to markets such as Korea, driven by better price realizations and lower freight costs compared to India, further constraining supply in the domestic market.

Europe: Stainless steel scrap prices ease amid slower buying activity

European stainless steel scrap prices declined in the week to 1 April, correcting after a prolonged bullish trend. Grade 304 scrap was assessed at EUR 1,300/t ($1,499/t) CIF Rotterdam, down EUR 50/t ($57/t) since 30 March, with tradable values heard at EUR 1,250–1,310/t ($1,411-1,510/t) . Market sentiment softened as mill buying slowed and uncertainty around energy costs persisted amid Middle East tensions. Improved scrap availability and cautious procurement further weighed on prices, although values remain significantly higher compared to the start of the year.

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 $17,060/t on 02 April ,down 1% from $17,275/t in the previous week. LME-registered nickel stocks stood at 281,496 t from last week’s 282,240 t, slightly lower  w-o-w.

BigMint’s scrap assessments

Nearshore-origin SS 304 scrap (loose): $1,400/t, up $15/t w-o-w.

Nearshore-origin SS 316 scrap (loose): $2,725/t, up $45/t w-o-w.

Nearshore-origin SS 201 scrap (loose): $730/t, up $10/t w-o-w.

Nearshore-origin SS 430 scrap (loose): $645/t, up $10/t w-o-w.

SS 304 scrap, DAP Delhi: INR 128,000/t, up INR 5,000/t w-o-w.

SS 316 scrap, DAP Delhi: INR 238,000/t, INR 7,000/t  w-o-w.

SS utensil scrap, DAP Delhi: INR 70,000/t, steady w-o-w.

Outlook

The market is expected to remain firm in the near term, supported by constrained supply, logistical challenges, and cautious restocking. However, softer nickel prices and weak alloy trends may limit sharp upside, while geopolitical developments will continue to influence market direction.