Why Did Indian Stainless Steel Scrap Prices Rise on Tight Supply and Higher Alloy Costs?

The Indian stainless steel scrap market maintained a firm upward trajectory through the later phase of August ****, with prices strengthening on tight domestic availability, elevated alloy costs, and volatile nickel prices. According to weekly assessment data, stainless steel scrap CFR Mundra prices advanced steadily from INR **,***/MT on * August to INR **,***/MT by ** August, reflecting persistent cost-push pressures.

Demand dynamics presented a mixed picture across user groups. Stainless steel mills continued to underpin shipment requirements, sustaining demand for stainless steel scrap inputs, as mills remain dependent on substantial annual imports to meet production needs. However, downstream buyers and end-users adopted a cautious, need-based procurement stance amid higher supplier offers, tempering aggressive volume-driven rallies. LME nickel volatility, with the latest settlement around $**,***/tonne, kept buyers hesitant to build large inventories at elevated price levels. Finished flat product markets remained firm on healthy...