India: Finished stainless steel prices on an upward swing

SteelMint's price assessment of 304 grade stainless steel HRCs rose to INR 240,000/t ($/t) on ex-Mumbai basis from INR 237,000/t ($/t) last week. Meanwhile, Indian 304 grade stainless steel scrap prices stood almost stable at INR 136,000/t ($/t) ex-Delhi.

Finished prices remained supported by an uptrend in nickel prices on the London Metal Exchange (LME) and supply shortage in the market, sources informed SteelMint. LME 3-month futures settled at $24,594/t on 20 September, up $1,600/t w-o-w.

However, overseas stainless steel scrap prices were on the weaker side as north Indian mills abstained from buying.

Ferro chrome prices see uptick

India's ferro chrome prices went up marginally w-o-w as domestic demand improved. According to SteelMint's assessment on 15 September, ferro chrome (HC 60%) prices were at around INR 93,250/t exw-Jajpur. Furthermore, limited availablility of the material also lent support to its prices last week.

Outlook

Higher European energy prices as well as speculation about a Chinese import duty are supporting stainless steel prices, not to forget the strong LME nickel prices.