India: Imported, domestic stainless steel scrap prices dip w-o-w amid LME nickel fluctuations

• Stainless steel scrap prices ease w-o-w
• LME nickel rises 2% w-o-w

India’s imported and domestic stainless steel (SS) scrap prices see downtrends w-o-w amid moderate trading activity driven by sufficient inventory levels at mills and bid offer disparities. Meanwhile, nickel prices on the London Metal Exchange (LME) recorded a modest drop w-o-w.

According to BigMint’s assessment, domestic 304-grade SS scrap stood at INR 111,000/tonne (t) ex-Delhi, down INR 1,000/t w-o-w. On the other hand, the imported variant of the same grade, sourced from nearshore regions, was priced at $1,270/t CFR Mundra, down $10/t w-o-w.

LME nickel prices rise w-o-w

Nickel prices on the LME showed a uptrend. The three-month LME nickel price was recorded at $15,080/t, up 2% from last week’s $14,840/t. Nickel stocks in LME-registered warehouses were up by 2% to 208,692 t against the previous week’s 204,456 t.

Market updates

Trading activity in India’s stainless steel scrap market stayed moderate this week as mills largely stayed on the sidelines, preferring to monitor demand trends before committing to fresh purchases. Comfortable inventory levels and a mismatch between buyer bids and seller offers kept overall volumes subdued.

A few deals were heard at $1,270-1,275/t CFR for 304-grade scrap from Far East Asia, but most market participants reported limited urgency to book larger lots.

Sentiment was further tempered by weak finished stainless steel sales and cautious downstream buying, with mills adopting a wait-and-watch stance ahead of any clear demand recovery.

BigMint’s daily scrap assessments

Nearshore-origin SS 316 scrap (loose) stood at $2,470/t, down by $10/t w-o-w.

Nearshore-origin SS 201 scrap (loose) was assessed at $650/t, down $30/t w-o-w.

Nearshore-origin SS 430 scrap (loose) was assessed at $590/t, steady w-o-w.

SS 316 scrap, ex-Delhi, stood at INR 211,000/t,  down INR 1,000/t w-o-w.

Outlook

Market sentiment remains cautious as mills delay bookings, awaiting a demand uptick in downstream stainless steel sectors. Price movements in the near term are likely to track nickel volatility and trading interest from mills once inventory drawdowns begin.