Indian stainless steel 304 grade HRC prices rose to around INR 245,000/t ($3,014/t) ex-Mumbai, as per SteelMint assessment on 4 October, 2022.
Despite volatile LME nickel prices, finished stainless steel prices in India rose due to lower supply from overseas sources and reduced stock in domestic warehouses. POSCO’s shutdown also reduced global supply support.
LME nickel 3-month prices are hovering at around $21,500/t.
Meanwhile, Indian 304 grade stainless steel scrap prices were stable at INR 125,000/t ($1,538/t) on 4 October as mills’ offers remained firm. The market was mostly quiet amid the ongoing Durga Pooja festivities.
Ferro chrome trend
Indian ferro chrome prices increased w-o-w on the back of improved domestic demand as well as a rise in stainless steel production. SteelMint’s assessment of ferro chrome (HC 60%) prices were at around INR 95,800/t exw-Jaipur on 29 September.
Outlook
The increase in finished steel prices may encourage scrap inventory restocking in order to fully meet the upcoming demand. Reduced imports of HRC and CRC will keep supporting domestic flats prices in the near term.
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