India’s stainless steel scrap market showed mixed trends last week. Domestic scrap prices rose as supply stayed tight, while imported scrap slipped slightly, especially in 304 grades, due to bid-offer gaps. BigMint assessed domestic 304-grade scrap at Rs 1,16,000 per tonne ex-Delhi, up by Rs 1,000 from last week. Imported 304-grade scrap from nearshore origins stood at US $1,285 per tonne CFR Mundra, down by US $10 per tonne week-on-week.

The short-term outlook looks positive as finished steel sales have improved and raw material prices remain firm. A buyer said mills expect stronger demand for 200-series stainless steel ahead of Diwali. Trades for SS 304 scrap took place between US $1,270 and US $1,290 per tonne. Meanwhile, 316-grade scrap traded at US $2,520-2,550 per tonne from Vietnam, Indonesia, and Thailand origins.

The US stainless steel scrap market also moved unevenly last week. Prices for 304-grade scrap fell due to oversupply and weak mill buying. Sellers struggled to clear stocks in a saturated market, while buyers stayed cautious amid uncertain offtake. However, 316-grade scrap prices edged up as firm ferro molybdenum values supported sentiment.

In global markets, 304-grade scrap traded at US $1,190-1,215 per tonne CIF Rotterdam, US $1,215-1,235 per tonne CIF Japan, US $1,235-1,280 per tonne CIF South Korea, and US $1,170-1,235 per tonne CIF Taiwan. US-origin 409/410 scrap traded between US $450 and US $470 per tonne, while 430-grade scrap stayed in the range of US $580-630 per tonne.

BigMint assessed nearshore-origin SS 316 scrap (loose) at US $2,510 per tonne, up by US $10 week-on-week. Nearshore-origin SS 201 scrap (loose) stood at US $665 per tonne, down by US $5 week-on-week. Nearshore-origin SS 430 scrap (loose) was at US $575 per tonne, down US $25 week-on-week. Traders assessed SS 316 scrap ex-Delhi at Rs 2,19,000 per tonne, marking a rise of Rs 1,000 week-on-week, while they kept SS utensil scrap ex-Delhi steady at Rs 60,000 per tonne.

Nickel prices on the London Metal Exchange (LME) rose last week. The three-month contract closed at US $15,365 per tonne, up 2 per cent from last week’s US $15,110 per tonne. LME-registered nickel stocks increased by 2 per cent to 236,890 tonnes from 231,504 tonnes a week earlier.

Stainless steel prices are likely to stay range-bound in the near term. Limited buying interest, bid-offer gaps, and the festive slowdown may cap gains. Still, firm raw material costs and improving sentiment could lend mild support to prices.