- 316 scrap supported by higher ferro molybdenum costs
- Import market remains slow as bid-offer gap restricts transactions
India’s stainless steel scrap market remained elevated in the week ended 5 June 2026, supported by higher alloy costs and limited availability despite weak finished stainless steel demand. Buying activity remained largely need-based as mills continued to procure only for immediate requirements. The import market stayed sluggish, with a persistent gap between seller expectations and buyer bids restricting fresh transactions.
Imported 304 stainless steel scrap offers were heard at $1,520-1,550/t CFR Mundra, while workable bids remained around $1,500/t CFR India. Offers for imported 316 scrap were reported at $2,900-3,000/t CFR India, supported by elevated molybdenum prices and ongoing tightness in global availability.
According to BigMint’s assessment, imported 304 stainless steel scrap remained steady w-o-w at $1,550/t CFR Nhava Sheva. Imported 316 scrap increased by $15/t w-o-w to $2,925/t CFR India.
Domestic market supported by alloy costs
BigMint’s benchmark domestic 304 stainless steel scrap assessment increased by INR 2,000/t w-o-w to INR 148,000/t DAP Delhi. Market participants reported limited spot availability and steady procurement from mills despite subdued downstream demand.
BigMint’s 316-grade scrap segment recorded a sharper increase, with prices rising INR 4,000/t w-o-w to INR 279,000/t DAP Delhi. Support came primarily from elevated ferro molybdenum prices, which were assessed at INR 4,223,000/t exw-India, alongside tight availability of 316-grade scrap in the domestic market.
China market remains rangebound
China’s stainless steel scrap market posted modest gains during the week, supported by firmer nickel pig iron (NPI) prices and stable stainless steel values. East China 304-grade scrap was assessed at RMB 10,400-10,500/t, while prices in Foshan stood at RMB 10,300-10,600/t.
However, market activity remained constrained by seasonal demand weakness, maintenance shutdowns at steel mills, and persistent tax invoice-related challenges. Market participants noted that deterioration in NPI grades and operational limitations at mills continued to restrict higher scrap consumption.
While stronger raw material costs provided support, the upside in Chinese scrap prices remained limited.
Outlook
India’s stainless steel scrap market is expected to remain firm in the near term, supported by elevated ferro molybdenum prices, tight availability of 316-grade material, and stable global scrap values. However, weak finished stainless steel demand and continued need-based procurement are likely to cap significant price increases. In the import market, trading activity may remain subdued unless bid-offer gaps narrow and buyers become more comfortable with current price levels.
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