As per SteelMint data, Indian 304 grade stainless steel scrap prices recovered to INR 135,000/t ($1,701/t) ex-Delhi today, up from INR 130,000/t ($1,638/t) on 9 August, 2022. The price of 304 grade HRC ex-Mumbai, on the other hand, has remained stable at around INR 237,000/t ($2,986/t).
Stainless steel scrap prices have remained stable despite a drop in LME nickel prices.
Market highlights
Indian mills’ scrap price offers in the domestic stainless steel scrap market remain stable. The majority of the market was quiet as trades resumed after a long weekend.
Despite volatile LME nickel prices, finished stainless steel prices in India are stable due to strong downstream demand.
Due ot the decline in the Chinese construction sector, base metals have been squeezed on low demand. LME nickel three-month prices fell by 6% yesterday, but recovered by around 2.4% today to $22,500/t.
Ferro chrome price downtrend
Indian ferro chrome prices declined w-o-w due to weak demand. Domestic ferro chrome prices fell INR 1,900/t w-o-w to INR 94,600/t exw-Jajpur on 10 August, according to SteelMint assessment, due to sluggish demand.
Outlook
The market was mostly quiet on the first working day after a long weekend. The decline in ferro chrome and nickel prices will have an effect on stainless steel demand in the coming months, although market participants are cautiously optimistic due to the upcoming festive season.
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