India: Stainless steel prices corrected amid poor demand

Domestic 304-grade stainless steel scrap prices fell to INR 132,000 a tonne ($1,597 a tonne) ex-Delhi today, according to SteelMint data. The ex-Mumbai price of 304 grade stainless steel HRCs dropped down to INR 244,000/t ($2,952/t). Stainless steel prices were corrected due to weak domestic demand in the finished segment.

At the time of publishing this article, LME's three-months nickel prices rose to around $29,600/t. Market highlights Global prices for 304 grade scrap of European-origin dropped down below $1,600 level. "European suppliers are on vacation, and no business is being conducted. Domestic mills are also not interested in buying scrap at