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India: Imported and domestic stainless steel scrap markets remain stable; LME nickel tags fall w-o-w

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Stainless Steel

BigMint Bureau

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31 Jan 2025, 19:15 IST

India: Imported and domestic stainless steel scrap markets remain stable; LME nickel tags fall w-o-w

Cautious optimism ahead of Budget

LME nickel prices fall by 2%

India's domestic stainless steel (SS) scrap prices remained stable w-o-w, while imported SS scrap prices dropped w-o-w due to declining LME nickel tags. Scrap buying stayed low due to weak demand and elevated inventories in the finished SS market.

As per BigMint's assessment, domestic 304-grade SS scrap stood at INR 118,000/t ($/t) ex-Delhi, while the imported variant of the same, originating from near shore regions, was priced at $1,280/t CFR Mundra, down $30/t w-o-w.

LME nickel prices dip w-o-w

At the time of reporting, three-month LME nickel prices stood at $15,385/t, down 2% from last week's $15,705/t. Meanwhile, nickel stocks in LME-registered warehouses stood at 172,302 t, down 1% from the previous week's 173,808 t.

BigMint's bi-weekly assessments

Nearshore-origin SS 316 scrap (loose) was at $2,480/t, down by $30/t w-o-w.

Nearshore-origin SS 201 scrap (loose) was at $690/t, down by $10/t w-o-w.

Nearshore-origin SS 430 scrap (loose) was at $580/t, down by $20/t w-o-w.

SS 316 scrap, ex-Delhi stood at INR 217,000/t ($/t), unchanged w-o-w.

Market scenario

Suppliers offered SS 316 scrap at $2,470-2,490/t, while bids hovered at $2,490-2,500/t.

Meanwhile, SS 304 scrap offers were heard at $1,270-1,280/t, and bids were heard at $1,295-1,300/t, both CFR Mundra.

Additionally, SS 304 offers were heard at INR 115,000-116,000/t and SS 316 offers were heard at INR 215,000-216,000/t.

In the domestic market, buyers are adopting a cautious approach, anticipating a price decline, while sellers are trying to hold their prices amid weak demand.

Deals for the imported market are being heard, but they remain inconsistent. SS imported scrap prices have decreased this week, reflecting the weak drop in LME levels. Additionally, demand for finished products remains sluggish. Market participants are waiting for the budget, hoping for signs of demand improvement.

Deals heard during IMRC 2025, Jaipur

SS 304:$1,285-1,295/t, last deal at $1,295/t from the Middle East (100 t).

SS 430:$570-580/t, last deal at $575/t from the Middle East (75 t).

SS 201:$700/t, last deal at $700/t from the Middle East (50 t).

Outlook

The stainless steel market is cautiously optimistic, with expectations that the upcoming Union Budget will boost demand through government infrastructure projects. Industry participants are hopeful for favourable policies or stimulus measures that could drive demand and improve market sentiment in the near term.