Steel Scrap & Metallics News Today

In India, secondary structural steel prices fluctuate amid volatile market conditions influenced by sponge iron and billet movements. Meanwhile, primary segment prices stabilize. Challenges persist in supply due to seasonal factors and maintenance works, maintaining a supportive market outlook.

Price in South India's Chennai market dropped by Rs. 500/ton across all categories. Current prices: Godown Grade Rs. 34,800/ton and Commercial Grade Rs. 32,800/ton. Sluggish demand for finished goods persists, affecting MS scrap prices. Turkey and South Korea's scrap imports affected.

Indian stainless steel prices soar to 6-month highs, with the 300 series at November 2023 levels. Global nickel prices drive the surge, hitting 8-month highs. Rising input costs prompt major producers to hike prices. Renewal of BIS license sparks concerns for imports.

Today's ferrous scrap market in South India opens with stability, presenting consistent prices across various grades in Chennai. While demand for long steel products decreases slightly, prices remain steady. However, future demand fluctuations may influence pricing.

Indian flat steel, notably HRC, faced stagnant demand and prices, but global prices are gradually improving, prompting speculation about its impact. While initial price hikes occurred in May, uncertainty persists regarding buyers' response to evolving global dynamics, with optimism post-elections for industry performance.

Today's south Indian ferrous scrap market opened with stability. Demand and supply remained stable, with slight cash flow impact. Global scrap metal industry expects 7.1% CAGR growth till 2032, driven by rising iron and steel production and increased consumption across various sectors.

Price stability in South India's ferrous scrap market with categories like Godown Grade at Rs 35,300/ton. Demand remains active but finished goods sentiment dips. Cash flow shows instability. Imported scrap trade subdued in South Asia. MS scrap market stabilizing post-hikes, with cautious buyer sentiment.

This week, primary TMT prices surged while the secondary market declined. RINL's closure and SAIL's maintenance shutdown contribute to supply shortages. Despite short-term pressure in the secondary market, hope for market rebound exists.

Steel bundled scrap import offers decreased by 1.39% to $424-427/ton CFR India, with SS 304 scrap at Rs 124/kg. Demand for SS 200 series scrap remains robust due to imported material shortage, while 304 and 316L scrap demand is balanced with supply.

Global steel scrap consumption dropped by 12% to 411.28 million tons in 2023, despite a 0.2% rise in steel production. Notably, all key scrap consuming regions, barring the U.S. and India, experienced a decline.