Stainless steel prices remained under pressure this week. Domestic 304 grade stainless steel scrap prices ex-Delhi were assessed at INR 133,000/t ($1,628/t), while 304 grade stainless steel HRC prices ex-Mumbai dropped INR 5,000/t ($61/t) to INR 240,000/t ($2,945/t).
Nickel prices on the LME corrected around 1.5% compared to last week. LME’s three-month nickel prices are hovering around $26,995/t currently.
Market highlights
Nickel prices on the LME have corrected from the previous week’s level. Although 316 grade and induction-based utensil scrap enquiries are prevalent, the scrap market continues to see lower buying from the top producers, particularly for 304 grade scrap.
In the finish segment, sentiments were mostly neutral. Market participants are still dealing with liquidity issues due to in-house inventory and lower sales from the downstream industry.
Ferro chrome prices rise
Due to strong export demand, Indian ferro chrome producers raised their offers by INR 3,600/tonne w-o-w to around INR 107,600/t exw Jajpur. Furthermore, ferro chrome prices rose post active participation in Vedanta’s ferro chrome auction on 5 January, 2023. The depreciation of the Indian rupee shifted the attention of smelters towards the export market.
Molybdenum prices corrected
Last week, domestic and global ferro molybdenum prices edged lower. According to SteelMint, the FeMo 60% price fallen to $3,375,000/t ($41,329/t).
Outlook
The domestic stainless steel market is still experiencing low demand. Market participants expect a recovery in the coming weeks following the Lunar holidays in China.
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