OfBusiness SS Scrap Dailies | 8th August 2023

Price

• Yesterday, Steel (Bundled) Scrap import prices saw a 1.98% increase, closing at $412-415/ton on a CFR India basis.
• The Scrap rates for SS 304 remain unchanged at Rs 125/kg, while the rate for 201 J5/J8 mixed Scrap stands at Rs 70/kg, also remaining unchanged.
• Rimjhim Ispat has maintained its selling rate for 304 Scraps at Rs. 127/kg.
• Jindal is currently purchasing Scrap at the following prices:
  • 304: Rs. 1,34,364/ton
  • 321: Rs. 1,46,430/ton
  • 301: Rs. 1,16,598/ton
  • 316L: Rs. 2,37,889/ton
  • J5 Patta: Rs. 73,700/ton
  • J8 Patta: Rs. 71,700/ton

Demand and Supply

• There is a shortage of 316L Scrap and bundled 304 Scrap, but there is an abundance of SS 400 series Scrap in supplies.

News

• The U.S. Department of Energy (DOE) recently released a new assessment of critical materials in the clean energy technology supply chain security. The report highlights that raw materials often considered to be abundantly available, such as copper, aluminum, and electrical Steel, as well as Nickel, Silicon, and Magnesium, might be approaching critical availability. This is expected to increase the demand for Scrap metals, particularly in North America.
• Prices for imported Scrap have continued to rise in Pakistan, with higher levels being confirmed in some deals. Despite relatively unchanged Finished Steel demand, increased purchases from India and higher offers have prompted Pakistani buyers to secure some volumes. Shredded Scrap values have risen by $5-10/ton in certain cases.
• In the second week of August, U.S. Stainless Steel Scrap prices remained steady at 0.20 USD/LB for 201, 0.33 USD/LB for 304 Prepared Scrap, 0.07 USD/LB for the 400 series, and 0.55 USD/LB for 316L Scrap. The price for 309 Scrap is set at 0.75 USD/LB, while 310 is priced at 0.95 USD/LB. Unprepared 304 Scrap is valued at 0.27 USD/LB.

OFB’s Opinion

• It is anticipated that there will be a slight shortage of Stainless Steel 304 (bundled) and 316L Scrap in the near future. Dealers could find profitable stocking opportunities with purchase rates nearing Rs. 230/kg for A-grade 316L Scrap materials. Regarding 304 and 202 Scrap, bundled Scrap is currently offering slight profits, particularly in relation to cut utensil Scrap.