INSG forecasts nickel supply surplus and stainless steel uptrend in '23

The stainless steel scrap market remained relatively stable, with the 304 grade scrap prices increasing by INR 458/t m-o-m in September 2023 due to fluctuations in futures and limited demand. Similar trends were observed in other raw material prices such as ferro chrome.

In the current market, LME nickel three-month futures are being traded at $18,855/t at the time of this report. Preliminary figures from the World Stainless Association for the first half of 2023 reveal a 0.9% y-o-y decrease in stainless steel melt shop production, totaling 26.7 million tonnes (mnt). Looking ahead, the