As per SteelMint data, domestic 304 grade stainless steel scrap prices surged to INR 122,000/t ($1,488/t) ex-Delhi today from INR 120,000/t ($1,470/t) last week. The price of 304 grade stainless steel HRC ex-Mumbai remains stable at INR 242,000/t ($2,952/t). Stainless steel scrap prices were heard to have gained support due to the surge in overseas bids.
Market highlights
Owing to the hike in international prices, scrap price offers from Indian mills in the domestic stainless steel scrap market were on the higher side. Today, 304 grade scrap trades for Europe-origin cargo were heard at a price range of $1,480/t-$1,490/t.
Although one of the major producers slashed prices of 304 grade stainless steel HRC and CRC by INR 4,000/t and 316 grade HRC and CRC by INR 2,000/MT, finished stainless steel prices in India remain largely stable. Price reduction in the 200-series grades had also been anticipated by market participants.
LME’s 3-months nickel prices stand at around $23,500/t.
Ferro chrome trends
Prices for ferro chrome in India remain stable. In response to improved domestic and Chinese demand, producers have attempted to raise prices, but buyers are only willing to book material at last week’s offer levels. As a result, on November 3, Indian ferro chrome prices hovered around INR 105,000-106,000/t ex-Jajpur.
Outlook
Prices of stainless steel scrap appear to be stable but finished stainless steel demand remains gloomy and market participents are expecting price cuts in the coming days. This may impact the prices of raw materials in the near term.
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