India 304 Stainless Steel Scrap Prices Up by INR 2,000/tonne WoW as of June 5

en.Wedoany.com Reported - In the week ending June 5, 2026, the Indian stainless steel scrap market remained elevated, supported by rising alloy costs and limited supply, despite weak demand for finished stainless steel. Mill procurement activities were largely need-based, targeting only immediate requirements. The import market remained subdued, with a gap between seller expectations and buyer bids limiting new deals.

Imported 304 stainless steel scrap was heard quoted at $1,520-1,550/tonne CFR Mundra, while workable bids stood at around $1,500/tonne CFR India. Imported 316 scrap was reportedly offered at $2,900-3,000/tonne CFR India, primarily supported by rising molybdenum prices and persistently tight global supply.

BigMint assessments show that imported 304 stainless steel scrap prices were flat week-on-week at $1,550/tonne CFR Nhava Sheva. Imported 316 scrap prices rose by $15/tonne week-on-week to $2,925/tonne CFR India.

In the domestic market, alloy costs provided the main support. BigMint's benchmark domestic 304 stainless steel scrap price rose by INR 2,000/tonne week-on-week to INR 148,000/tonne DAP Delhi. Market participants reported limited spot availability, with mills maintaining steady procurement despite weak downstream demand.

316-grade scrap saw a more pronounced increase, with prices rising by INR 4,000/tonne week-on-week to INR 279,000/tonne DAP Delhi. The support primarily came from high ferromolybdenum prices, assessed at INR 4,223,000/tonne Exw India, coupled with tight supply of 316-grade scrap in the domestic market.

The Chinese market exhibited range-bound volatility during the week, supported by firm nickel pig iron prices and stable stainless steel prices. 304-grade scrap in East China was assessed at CNY 10,400-10,500/tonne, while prices in Foshan stood at CNY 10,300-10,600/tonne.

Market activity remained constrained by seasonal demand weakness, mill maintenance shutdowns, and ongoing tax invoice-related issues. Market participants noted that declining nickel pig iron grades and mill operating restrictions continued to curb scrap consumption growth. Despite some support from stronger raw material costs, upside potential for Chinese scrap prices remained limited.

Looking ahead in the near term, the Indian stainless steel scrap market is expected to remain firm, primarily supported by high ferromolybdenum prices, tight supply of 316-grade material, and stable global scrap values. However, weak finished stainless steel demand and persistent need-based procurement may limit significant price upside. In the import market, trading activity is likely to remain subdued unless the bid-offer spread narrows and buyers show greater acceptance of current price levels.

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