- SteelMint’s assessment for domestic 304 grade stainless steel scrap prices fell today by INR 4,000/t ($51/t) to INR 142,000/t ($1,798/t) ex-Delhi as against prices on 23 June. The price of 304 grade stainless steel hot-rolled coil was recorded at INR 236,000/t ($/t) ex-Mumbai.
- Falling nickel prices on LME and less demand drove the domestic market lower. Notably, LME nickel three-month future prices have dropped by $2,856/t w-o-w. “Based on today’s LME prices and demand scenario, 300 series finished stainless steel prices may fall further by INR 5,000-10,000/t within 1-2 days,” a market source said.
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