India: Stainless steel scrap prices rise on tight supply, firm import offers

• Domestic availability tightens, lifts spot prices
• Imported scrap remains unviable amid high freight

India’s stainless steel scrap market moved higher in the week ending 17 April, supported by firm import offers and constrained domestic availability. Limited inflows and elevated global freight rates, coupled with geopolitical disruptions, rendered imported scrap largely unviable, prompting overseas suppliers to divert cargoes to alternative markets such as South Korea, thereby tightening supply in India.

A market participants noted, European scrap price indications were reported at around $1,600/t CFR for 304 grade and $2,850/t CFR for 316 grade, unviable for imports. However, offers to India were heard at $1,430-1,450/t for 304 and around $2750-2,800/t for 316 scrap on a CFR basis.

Restricted domestic scrap availability pushed spot prices higher across key grades. Offer levels for 304 scrap were reported at INR 140,000-142,000/t, while 316 scrap stood at INR 245,000-250,000/t DAP Delhi. Market participants noted that suppliers maintained firm offers amid persistent supply tightness, with mills largely procuring on a requirement basis.

BigMint’s scrap assessments

Nearshore-origin SS 304 scrap (loose): $1,420/t, up $20/t w-o-w.

Nearshore-origin SS 316 scrap (loose): $2,750/t, up $20/t w-o-w.

Nearshore-origin SS 201 scrap (loose): $730/t, steady w-o-w.

Nearshore-origin SS 430 scrap (loose): $655/t, up $5/t w-o-w.

SS 304 scrap, DAP Delhi: INR 135,000/t, up INR 3,000/t w-o-w.

SS 316 scrap, DAP Delhi: INR 246,000/t, INR 1,000/t w-o-w.

SS utensil scrap, DAP Delhi: INR 71,000/t, INR 1,000/t w-o-w.

Outlook

Stainless steel scrap prices are expected to remain firm in the near term, supported by elevated freight costs, tight supply conditions, and continued global market uncertainties, although demand-side caution may limit sharp price escalation.