[SMM Stainless Steel Flash] India's Stainless Scrap Prices Fall as Mills Shift to NPI and Billet Alternatives

Published: Sep 21, 2026 10:26

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India's stainless steel scrap prices softened in the week ended September 18 as buyers increasingly explored alternative raw materials amid firm offers and tight availability. Domestic 304 scrap fell INR 3,000/t WoW to INR 148,000/t DAP Delhi; imported 304 scrap eased US$10/t to US$1,550/t CFR Mundra (indications: US$1,550–1,575/t). Domestic 316 scrap declined INR 2,000/t to INR 293,000/t, while imported 316 scrap fell US$10/t to US$3,050/t CFR India (indications: US$3,050–3,100/t). In Europe, 304 scrap was heard at around US$1,420/t CIF Rotterdam and 316 at US$2,800–2,820/t. Northern Indian mills have begun booking NPI, while western mills are planning billet purchases as scrap alternatives; some mills remain cautious amid market uncertainty. Markets are also monitoring Indonesia's revised HPM formula, which has lowered feedstock costs for HPAL-based producers. India's DGFT revised PSIC issuance timelines under Trade Notice 28/2026-27, requiring certificates within two days of inspection, with a one-time seven-day relaxation for pre-August 25 backlog — a change expected to ease import bottlenecks, though if import flows rise amid softer nickel prices, competition between domestic and imported scrap could intensify.

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