India: Stainless steel scrap imports fall by over 15% m-o-m in Apr'23

India's stainless steel scrap imports stood at 92,355 tonnes (t) in April 2023, down 17% as against 111,391 t in March, according to sources. Similarly, imports fell by 5% from 97,182 t in April 2022.

Out of total scrap imports, Zurik scrap shipments stood at 20,775 t for the month under review, dropping by 11% m-o-m from 23,344 t in March. Meanwhile, total shipments slipped by 24% y-o-y from 27,362 t in April'22.

The stainless steel industry has been facing challenges due to the continuous increase in prices of ferro chrome and molybdenum, as well as rising costs of raw materials. Additionally, there has been a constant decline in demand for stainless steel in April.

Series-wise imports

• 300 series stainless steel import volumes stood at 67,608 t in April, down by 16% as against 80,254 t in March.
  
  
• 316 series stainless steel imports slipped by 35% to 11,337 t in April as against 17,398 t in March.
  
  
• 200 series imports stood at 5,323 t, down by 32% as against 7,858 t in March.
  
  
• 400 series import volumes stood at 14,817 t, a decrease of 8% as against 16,049 t in March.
  
  
• The most-traded 304 grade scrap imports fell by 9% to 34,585 t in April as against 38,011 t in March.
  
  
• 430 grade scrap imports dipped by 2% to 9,681 t as against 9,899 t in March.
  
  
• 201 grade scrap imports decreased by 32% m-o-m to 4,457 t in April.
  
  

Country-wise shipments

• US top exporter: The US continued to be the top exporter of stainless steel scrap to India. However, shipments decreased by 35% m-o-m in April to 11,688 t and by 15% y-o-y compared with 13,813 t in April 2022.
  
  

Imports from Thailand stood at 7,050 t, significantly down from 9,885 t in March. South Korea's exports stood at 6,688 t in April against 8,904 t in March.

Outlook

Market participants expects demand for stainless steel is likely to improve as major mills are planning to increase their production capacities. Also, it is anticipated that raw material prices might fall as LME nickel prices turned stable.