India’s stainless steel scrap prices see mixed trends amid need-based buying

• Market in wait-and-watch mode, demand recovery uncertain
• Scrap buying muted as mills hold inventories

India’s domestic stainless steel (SS) scrap prices slightly inched up w-o-w, while imported scrap prices dipped w-o-w. Meanwhile, nickel prices on the London Metal Exchange (LME) moved up by 3% w-o-w.

According to BigMint’s assessment, domestic 304-grade scrap rose INR 500 from last week to INR 111,500 a tonne ex-Delhi, BigMint data showed. Imported 304-grade scrap from nearshore origins was steady at $1,260/t CFR Mundra. Market participants said mills were carrying sufficient inventories, with only two to three major buyers active in imports.

Offers for imported 300-series scrap held firm, supported by a stronger U.S. dollar against the rupee, while 200 and 400-series prices softened slightly. Imported 400-series scrap was heard at $580–590/t, while 201-grade was quoted at $625/t.

Market updates

As per market participants, mills are having sufficient inventories and market reported need based buying. Overall, the market remains in a wait-and-watch mode, with participants seeking clarity on both domestic demand recovery and global trade dynamics.

Imported 304 scrap offers were heard at  around $1,260-1,250 while bids were reported at $1,230-1,220/t and 400-series trades were heard at around $580-590/t.

LME nickel prices range-bound w-o-w

Nickel prices on the LME showed a slight uptrend. The three-month LME nickel price was recorded at $15,380/t, 3% up from last week’s $15,000/t. Nickel stocks in LME-registered warehouses remained stable at 209,676 t against the previous week’s 209,598 t.

BigMint’s daily scrap assessments

• Nearshore-origin SS 316 scrap (loose) stood at $2,460/t, down by $5/t w-o-w.
• Nearshore-origin SS 201 scrap (loose) was assessed at $625/t, down $5/t w-o-w.
• Nearshore-origin SS 430 scrap (loose) was assessed at $590/t, down $10/t w-o-w.
• SS 316 scrap, ex-Delhi, stood at INR 211,500/t, up INR 500/t w-o-w.

Outlook

Scrap buying in India is expected to stay muted, with mills largely purchasing on a need basis amid comfortable inventory levels and an existing import pipeline. While 300-series offers remain firm on currency strength, softer trends in 200- and 400-series grades highlight a cautious sentiment. Overall, the market is likely to remain range-bound in the near term.