India: Imported stainless steel scrap prices hold steady w-o-w ahead of festive season

• Mills complete restocking ahead of Diwali holidays
• Billet arrivals from Indonesia disrupt 304 scrap market

India’s stainless steel scrap market remained largely stable w-o-w amid limited trading activity and subdued demand.

BigMint assessed 304-grade domestic scrap at INR 116,000/t ex-Delhi, steady w-o-w, while the imported 304-grade from nearshore origins was assessed at $1,280/t CFR Mundra, down slightly by $5/t w-o-w.

Market sentiments

Market activity remained subdued this week as participants completed their bookings ahead of the Diwali holidays. Mills focused on restocking spot inventories to ensure adequate supply for post-holiday demand recovery.

Demand in the domestic stainless steel market remained weak, with minimal trading activity and no significant improvement expected for the remainder of the month.

According to mill sources, stainless steel billets were recently imported from Indonesia at prices between $1,525-1,565/t. The 304 scrap market also saw disruptions amid billet arrivals, contributing to moderate overall trade activity.

Global market

The US stainless steel scrap market showed mixed trends during the week, with 400-series scrap falling, while 300-series and molybdenum grades stayed largely unchanged. Weak ferrous scrap and sluggish industrial demand continued to weigh on the market.

BigMint’s scrap assessments

• Nearshore-origin SS 316 scrap (loose): $2,530/t, up by $20/t w-o-w.
• Nearshore-origin SS 201 scrap (loose): $665/t, steady w-o-w.
• Nearshore-origin SS 430 scrap (loose): $575/t, steady w-o-w.
• SS 316 scrap ex-Delhi: INR 219,000/t, steady w-o-w.
• SS utensil ex-Delhi: INR 60,000/t, unchanged w-o-w.

LME nickel range-bound

Nickel prices on the London Metal Exchange (LME) edged up, with the three-month contract at $15,155/t, down 1% versus $15,355/t last week. LME-registered nickel stocks edged up 5% to 250,344 t as against 236,890 t in the previous week.

Outlook

The stainless steel scrap market is expected to remain muted in the coming days as trading activity pauses during the festive period. However, post-Diwali restocking and stable raw material trends may lend mild support to prices in the near term.