India’s stainless steel scrap market stayed stable this week as trading activity slowed and demand remained weak. BigMint assessed 304-grade domestic scrap at Rs 1,16,000 per tonne ex-Delhi, unchanged week-on-week. Imported 304-grade scrap from nearshore origins stood at US $1,280 per tonne CFR Mundra, slightly lower by US $5 per tonne from last week.

Trading remained limited, as most participants had already completed bookings before the Diwali holidays. Mills focused on replenishing spot inventories to ensure sufficient stock for post-holiday demand recovery. Demand in the domestic stainless steel market stayed subdued, with little sign of improvement for the rest of October.

According to mill sources, stainless steel billets recently arrived from Indonesia at prices between US $1,525 and US $1,565 per tonne. The billet arrivals affected the 304 scrap market, which saw moderate trading activity.

The US stainless steel scrap market moved unevenly this week. Prices for 400-series scrap declined, while 300-series and molybdenum grades held steady. Weak ferrous scrap prices and sluggish industrial demand continued to pressure the market.

BigMint also reported nearshore-origin SS 316 scrap (loose) at US $2,530 per tonne, up by US $20 week-on-week. SS 201 scrap (loose) remained flat at US $665 per tonne, and SS 430 scrap (loose) held steady at US $575 per tonne. In the domestic market, SS 316 scrap ex-Delhi stayed at Rs 2,19,000 per tonne, while SS utensil scrap ex-Delhi stood at Rs 60,000 per tonne.

Nickel prices on the London Metal Exchange edged down. The three-month contract settled at US $15,155 per tonne, compared with US $15,355 last week. LME-registered nickel stocks rose by five per cent to 2,50,344 tonnes from 2,36,890 tonnes.

The stainless steel scrap market will likely stay quiet during the festive period. However, post-Diwali restocking and stable raw material trends could offer mild price support soon.