- Ample stocks at mills prompt sluggish buying
- Bid-offer gaps slow down trade negotiations
India’s imported and domestic stainless steel (SS) scrap prices remained range-bound w-o-w amid need-based trading activity, driven by sufficient inventory levels at mills and bid-offer disparities. Meanwhile, nickel prices on the London Metal Exchange (LME) recorded a slight rise w-o-w.
According to BigMint’s assessment, domestic 304-grade SS scrap stood at INR 111,000/tonne (t) ex-Delhi, steady w-o-w. On the other hand, the imported variant of the same grade, sourced from nearshore regions, was priced at $1,260/t CFR Mundra, down $10/t w-o-w.
LME nickel prices rise w-o-w
Nickel prices on the LME showed a slight uptrend. The three-month LME nickel price was recorded at $15,100/t, range-bound from last week’s $15,080/t. Nickel stocks in LME-registered warehouses were up by 1% to 211,098 t against the previous week’s 208,692 t.
Market updates
Market participants remained silent due to bid-offer disparities and enough inventory levels. Buying activity was moderate due to weak finished demand.
Notably, stainless steel 304 scrap prices were heard traded at $1,095-1,140/t CIF Rotterdam, $1,190-1215/t CIF Japan, $1,280-1,325/t CIF South Korea, and $1,215-1255/t in Taiwan. Stainless steel 430 scrap deals were heard at $582-605/t.
BigMint’s daily scrap assessments
- Nearshore-origin SS 316 scrap (loose) stood at $2,460/t, down by $10/t w-o-w.
- Nearshore-origin SS 201 scrap (loose) was assessed at $630/t, steady w-o-w.
- Nearshore-origin SS 430 scrap (loose) was assessed at $595/t, up $5/t w-o-w.
- SS 316 scrap, ex-Delhi, stood at INR 211,000/t, steady w-o-w.
Outlook
In the near term, the market is expected to remain silent amid moderate trading activity due to weak finished demand.
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