Major stainless steel producers are favoring domestic scrap as price volatility, trade disruptions, and logistical challenges are frequently plaguing the imports landscape. Europe’s domestic mills’ buying prices remained relatively higher in the second half of FY’24 which led to lower supply of scrap in the export market. India’s SS production increased over 20% in FY’24, the expectation was that SS scrap imports would also increase in tandem, or at least by 10-15%. This is because scrap is a cheaper alternative for producing stainless steel. However, the country saw only a nominal 3% increase in the same, as already mentioned.
