The stainless-steel market in India continues to experience limited activity, influenced by subdued inquiries and sluggish sales of materials.
According to SteelMint’s assessment, the current price for 304-HRC is INR 173,000/t ($2,081/t), and the 304-grade CR price hovers at INR 184,000/t ($2,214/t) exw-Mumbai, showing stability compared to the previous week.
Simultaneously, the domestic scrap market is experiencing a range-bound situation, with 316-grade scrap priced at around INR 200,000/t. Additionally, 304-grade scrap prices are at INR 114,000/t exw-Delhi. Market sources suggest sufficient availability of domestic scrap material.
Offers for 304-grade scrap are in the range of $1,340-1,350/t CIF Mundra. Meanwhile, 316 scrap prices from nearby sources are reported at $2,520-2,525/t CFR Mundra. However, a significant bid-offer gap has resulted in minimal material movement. Buyers, in response, have shifted towards lower-quality scrap to sustain operational activities.
Market participants in India are exercising caution due to restrained sales of finished materials. In China, stainless steel prices for 304-grade CR are $2,100-2,105/t FOB China.
Raw material market
Ferro chrome: Indian ferro chrome prices (HCFeCr60%) remained range-bound w-o-w. According to SteelMint’s assessment, high-carbon ferro chrome (HCFeCr60%) prices stood at INR 118,500/t exw-Jajpur, up INR 600/t w-o-w.
Ferro molybdenum: Indian ferro molybdenum prices witnessed a w-o-w increase of INR 34,000/t driven by a rise in inquiries that supported an increase in offers. SteelMint’s assessment for ferro molybdenum stands at INR 2,367,000/t exw-Nagpur, calculated on a 60% pro rata basis.
LME nickel: Nickel prices on the London Metal Exchange (LME) decreased w-o-w. Three-month nickel futures on the LME fell by 0.18% w-o-w and are currently hovering at $16,415/t. Notably, nickel stocks in LME warehouses are at 70,068 t.
Outlook
Market participants anticipate a continued cautious approach in the coming weeks, with prices expected to remain range-bound.
