Indian 304 grade stainless steel scrap prices dropped to INR 133,000/t ($1,676/t) ex-Delhi as compared to INR 136,000 ($1708/t) last week, as per SteelMint data. The price of 304 grade HRC ex-Mumbai corrected by $2,948/t to around INR 234,000/t.
Market highlights
Indian mills’ offers in the domestic stainless steel scrap market fell towards the end of the week. Scrap supply has improved in the domestic market which led to the correction in prices, sources informed.
Meanwhile, finished stainless steel prices in India remained stable and no major changes were witnessed in the market.
Falling LME nickel prices also supported weaker scrap prices. China’s macro economic sentiments are sustaining and base metals are still under pressure. The three-month contract prices on LME showed a downtend w-o-w and are currently at $21,411/t, down by $266/t w-o-w as compared to the levels seen on 25 August, 2022.
Ferro chrome prices down
Indian ferro chrome prices were at around INR 94,500/t exw-Jajpur, as assessed on 26 August, stable amid moderate demand, this week and even small quantities of the material were booked only by buyers who had exhausted their stocks. Furthermore, producers also kept ferro chrome prices flat this week due to stable stainless prices.
Outlook
Weak demand sentiments are prevailing for stainless steel this week. The low prices of ferro chrome and falling nickel prices have raised questions over stainless steel demand for the coming months.
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