Stainless steel prices in India remained stable this week. 304 grade stainless steel hot-rolled coil (HRC) prices ex-Mumbai stood at INR 230,000/t ($2,783/t), while domestic 304 grade stainless steel scrap prices ex-Delhi were assessed at INR 128,000/t ($1,549/t).
Nickel prices on the London Metal Exchange (LME) fell by 2.5% from the previous day. LME three-month nickel prices are currently hovering around $26,400/t.
Market highlights
The stainless steel scrap market is witnessing another passive week. European scrap prices fell another $20-30 from the previous week which has influenced scrap import offers into India. “Scrap offers were heard at the $1,570-$1,590/t level, but no major deals are taking place,” a trader told SteelMint.
“Some North Indian mills had reserved a limited quantity of 304 scrap. Current offers in the domestic market are around INR 126,000/t-128,000/t, while 316 scrap is scarce resulting in high prices of INR 242,000/t to 245,000/t,” a local scrap dealer said.
The finished stainless steel segment remained subdued w-o-w. The market has been declining for quite some time.
Ferro chrome prices continue to rise
According to SteelMint’s assessment on 16 February, ferro chrome prices were at INR 125,150/t exw Jajpur, an increase of INR 3,650/t w-o-w. Furthermore, tight supply of chrome ore together with good demand in China also boosted ferro chrome prices.
Ferro moly prices up
Domestic and global ferro molybdenum prices rose this week by up to 5.4% w-o-w. FeMo 60% prices increased to INR 4,400,000/t ($53,240/t).
Outlook
Domestic stainless steel demand remains unchanged this week. Furthermore, raw material costs are rising along with prices of ferro chrome and molybdenum. According to producers, exports will increase in the coming financial year.
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