India: Stainless steel prices remain stable w-o-w

Domestic stainless steel prices in India remained stable this week. Prices of 304-grade hot-rolled coils (HRCs) were at INR 205,000/t ($2,500/t) exw, while domestic 304-grade scrap prices remained stable w-o-w at INR 128,000/t ($1,562/t) ex-Delhi.

The three-month nickel futures on the London Metal Exchange (LME) also remained stable w-o-w and are hovering at around $23,300/t. Meanwhile, ferro molybdenum prices have corrected by around 5.5% w-o-w.

Market overview

According to recent trade data, prices for imported scrap have remained constant, hovering around $1,550-$1,570/t. Prices for 316 scrap offers have been reported to be in the vicinity of $2,900 from traders' side, although mills have started quoting lower prices amid drop in global molybdenum costs. One of the big manufacturers in north India was heard to be quoting INR 211,000/t for 316 scrap in the domestic market. The quote was significantly lower than last week's price of around INR 240,000/t. Although, no deal was heard at the revised price.

In the meantime, the finished stainless steel sector remained stable as compared to the previous week. The price drop in the previous week has already corrected.

Ferro alloys prices edge down

Indian ferro chrome (HC60%) prices fell by INR 3,300/t w-o-w to INR 104,500/t ($1,275/t) exw-Jajpur due to weak demand in both local and international markets.

Meanwhile, domestic ferro molybdenum prices fell by 5.5% w-o-w. Prices of FeMo 60% material stood at INR 28,12,500/t ($34,313/t).

Outlook

Overall, the domestic stainless steel market remained stable this week. The drop in global prices of raw materials may impact finished items like HRCs or CRCs in the coming weeks.