Stainless Steel (SS) scrap imports to India rise in October 2016 owing to consistently increasing ferro chrome prices (main ingredient used in stainless steel).
According to data maintained by SteelMint, it was observed that SS scrap imports increased by over 10% in October to 64,805 MT against 58,593 MT in September 2016.
Total SS scrap imports during first seven months of FY17 (Arp-Oct’16) are recorded at 447,757 MT, whereas imports in FY16 were recorded at around 750,000 MT.
Out of 447,757 MT imports that took place during Apr-Oct’16, 45,832 MT (10%) was from US, 45,707MT (10%) was from South Korea, 42,897 MT (9.6%) was from Thailand and 34,014 MT (7.6%) was from UAE.
Stainless Steel Scrap imports are expected to rise substantially, on the backdrop of sky-rocketing Ferro Chrome prices in India. Market participants revealed that they have booked large quantities of the material, which will reach India in November/December.
The prevailing price for SS Scrap Series 304 is in the range of USD 1,160-1,190/MT CIF India. The reason for stable prices can be attributed to lack of demand from Europe. It is to be noted that prices of all metals like manganese, chrome and nickel have all risen sharply.
Correction: The news published on 20th Oct, SS Scrap imports in Sep’16 are 58,593 instead of 99,200 MT
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