The price of 304 grade stainless steel HRC on ex-Mumbai basis has risen to INR 237,000/t ($2,986/t) from INR 234,000/t ($2944/t) last week. According to SteelMint data, Indian 304 grade stainless steel scrap prices are stable at INR 134,000/t ($1,688/t) ex-Delhi.
Market highlights
Prices of finished stainless steel in India have increased due to strong LME Nickel prices. According to market participants, the major mills in north India have raised their HRC and CRC prices after three months by INR 3,000-4,000/t due to low inventory and longer delivery times. Furthermore, the market expects China to face an import duty of around 16%.
Indian mills’ offers in the domestic stainless steel scrap market remained stable in the beginning of the week. Lower price levels of imported scrap, according to sources, are dragging down domestic scrap prices.
LME nickel prices were hovering around $24,100/t in the previous trading session.
Ferro chrome prices at rock bottom
Domestic ferro chrome prices hit rock bottom this week, and producers were unwilling to lower prices further. Ferro chrome (HC60%) prices remained largely rangebound on 9 September, falling marginally by INR 1,250/t to around INR 92,750/t exw-Jajpur. There were enough export enquiries with offers that were lower than current domestic offers.
In China, ferro chrome prices rose but remained lower than domestic offers. However, there were lack of transactions because the offers made by seaborne buyers were not viable for Indian smelters.
Outlook
After three months, finished stainless steel prices in India have risen. Higher European energy prices as well as speculation about a Chinese import duty are supporting prices, not to forget strong LME nickel prices.
Leave a Reply