- Sales stayed weak due to sluggish seasonal offtake
- Ferro molybdenum surged INR 63,000/t on demand
India’s stainless steel market remained range-bound this week due to weak demand and limited trading activity.
BigMint’s benchmark assessment for 304-series hot-rolled coils (HRCs) remained steady w-o-w at INR 187,000/t ex-Mumbai. Meanwhile, 304L black round bars (25-100 mm) was assessed at INR 156,000/t, down by INR 1,000/t w-o-w.
BigMint’s assessment for SS 316 HRCs stood at INR 335,000/t and for 316 cold-rolled coils (CRCs) at INR 338,000/t ex-Mumbai, both steady w-o-w.
Market updates
Market participants said, sales remained persistently low due to weak demand in the market and due to monsoon season in Maharashtra region market remained silent.
LME nickel down, Asian NPI firm
At the time of reporting, three-month nickel prices on the London Metal Exchange (LME) stood at $14,450/t, down 2% w-o-w. Nickel stocks at LME-registered warehouses stood at 211,746t, up 3% w-o-w compared to 211,254 t in the previous week.
Chinese portside prices of nickel pig iron (NPI) (grade 13%>Ni>10%) remained firm w-o-w at RMB 917/t ($128/t). Meanwhile, Indonesian FOB prices of NPI (12-14%) stood at $114/t.
Chinese stainless steel prices steady
In China, prices of domestic stainless steel 304-grade CRCs stood at RMB 13,450/t ($1,873/t) exw, stable w-o-w, while FOB tags of 304-grade CRCs were firm at $1,910/t.
Raw material scenario
Ferro molybdenum: Indian ferro molybdenum prices witnessed an increase of INR 63,000/t ($723/t) as against the previous assessment on 13 August. Prices went up amid strong global and domestic demand along with LME futures prices almost touching a 2-year high.
Ferro molybdenum prices in India were INR 3,043,000/t ($34,942/t) exw-India, as per BigMint’s assessment on 20 August.
Ferro Silicon: Indian ferro silicon (70%) prices stayed unchanged w-o-w last week as against previous assessment on 11 August. The market stayed quiet last week and with steady supply-demand dynamics, prices didnt experience any major fluctuations.
Ferro silicon prices in India were INR 93,500/t ($1,072/t) exw-Guwahati, as per BigMints assessment on 18 August. In Bhutan, prices inched down by INR 500/t ($6/t) w-o-w to INR 94,000/t ($1,077/t) exw.
Ferro chrome: Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 100,600/t ($1,146/t) exw-Jajpur, range-bound w-o-w.
At OMC’s chrome ore auction on 19 August, 71,000 t was booked against 71,900 t offered. Most grades saw bids edge up by 1-2% (INR 50-449/t), while higher grades (Cr2O3: 52-54+) slipped 2% m-o-m (INR 407-418/t). Compared to base prices, premiums recorded a modest rise of INR 100-200/t, reflecting mixed buyer sentiment across grades.
Ferrous scrap: India’s imported scrap market drifted lower with buyers sidelined amid wide bid–offer gaps and currency headwinds. Shredded was offered around $365-370/t CFR but bids held at $355-360/t, stalling trade. HMS 80:20 from Europe was indicated near $335-340/t and while Indian mills stayed cautious, not moving above $325-330/t.
Outlook
Market participants are expected to remain cautious and relatively inactive in the near term, as many are waiting for the monsoon season to conclude.
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