[SMM Stainless Steel Flash] India's Stainless Steel Scrap Prices Strengthen Amid Tight Supply and Firm Alloy Costs

Published: Aug 26, 2026 16:52

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India's stainless steel scrap market remained firm in the week ended August 21, with prices rising on tight availability, elevated alloy costs, and volatile nickel prices. Domestic 304 scrap rose INR 2,000/t WoW to INR 145,000/t DAP Delhi, while imported 304 scrap gained $5/t to $1,525/t CFR Mundra. The 316 segment saw stronger support from tight availability and elevated molybdenum costs: domestic 316 scrap jumped INR 7,000/t WoW to INR 285,000/t DAP Delhi, and imported 316 scrap rose $15/t to $2,935/t CFR India, though a gap persists between seller offers of $2,950–2,980/t and executable bookings at $2,920–2,930/t. High freight costs and container shortages continued to limit import competitiveness, keeping mills reliant on domestic supply. LME nickel hovered around $17,000/t with the latest settlement at $16,860/t, keeping buyers cautious and preferring hand-to-mouth procurement. In China, 304 scrap prices declined in East China and Foshan amid weak futures sentiment and softer NPI prices.

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