India: Stainless steel scrap prices remain stable w-o-w as mills limit buying

• Domestic and imported 304 and 316 scrap prices unchanged w-o-w
• Mills prioritise existing inventories amid weak finished steel demand

India’s stainless steel scrap prices remained largely stable in the week ended 23 October, 2026, as mills restricted purchases to immediate requirements amid weak finished steel demand, adequate inventories and festive-season disruptions. Availability of alternative raw materials, including nickel pig iron (NPI) and billets, also weighed on scrap procurement interest.

Market participants said mills were maintaining cautious buying strategies, with existing inventories sufficient to meet current requirements. Regional holidays associated with Navratri and Dussehra further constrained trading activity.

Domestic scrap prices remain unchanged

Domestic 304 stainless steel scrap prices were stable week on week at INR 148,000/t DAP Delhi and INR 152,000/t DAP Mumbai. Buyers limited purchases to immediate requirements amid subdued trading activity.

Domestic 316 scrap prices also remained unchanged at INR 298,000/t DAP Delhi and INR 300,000/t DAP Mumbai. Tight availability in domestic and international markets continued to support the grade despite weak overall demand.

Imported scrap prices hold steady

Imported 304 scrap prices were unchanged at $1,500/t CFR Mundra, with market indications at $1,470-1,520/t. Offers for larger quantities remained above $1,500/t.

Imported 316 scrap prices held at $3,100/t CFR Mundra. Offers were reported at $3,100-3,150/t, while deals were heard at $3,125-3,130/t.

A mill source said import buying remained subdued, with domestic procurement also limited to immediate needs. Another market participant flagged potential changes in import availability, including congestion in Singapore and Thailand, supply disruptions linked to Indonesia’s PSIC issue, geopolitical tensions in the Middle East and scrap restrictions in Europe. The expected price impact of these factors requires further clarification.

Outlook

Scrap prices could face downward pressure in November if weak finished steel demand, cautious mill procurement and competition from alternative raw materials persist. Diwali-related disruptions may also keep trading subdued. However, tight 316 scrap availability and elevated molybdenum costs could provide relative support to 316 prices compared with 304. Further price movement will depend on import availability and changes in mill buying activity.