Global stainless steel scrap prices remained stable with a firm undertone during Q1’26 due to rising nickel and ferrochrome feedstock costs. In China, higher NPI and ferrochrome prices strengthened stainless steel scrap economics and supported procurement demand from mills operating elevated March production schedules. Scrap maintained a cost advantage over primary nickel feedstocks, although high stainless-steel inventories and weak downstream demand limited stronger gains. In India, stainless steel capacity utilisation remained below potential despite healthy infrastructure-led demand growth, mainly due to subsidised imports and dependence on imported raw materials. Industry participants are increasingly focused on strengthening domestic scrap recovery systems to reduce import reliance and improve supply security. Across Europe and North America, elevated nickel feedstock costs and stable recycling demand supported market sentiment, while weak manufacturing activity and cautious stainless steel purchasing restricted sharper upward movement. Renewable energy, industrial fabrication, and infrastructure sectors continued to provide baseline downstream demand support.
Analyst Insight
According to Procurement Resource, stainless steel scrap prices are expected to remain firm as elevated nickel and ferrochrome feedstock costs continue supporting scrap demand.
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The stainless steel scrap price curve during the fourth quarter exhibited mixed trends in the Indian markets. Domestic scrap prices initially experienced upward pressure as supply conditions remained tight, while imported material faced downward adjustments, particularly in premium grades, due to persistent bid-offer gaps that limited transaction activity. Mills demonstrated selective procurement strategies, with festive season expectations briefly supporting sentiment for certain grade categories.
As the quarter advanced, demand conditions deteriorated notably as producers slowed purchasing activity in response to comfortable inventory positions across manufacturing facilities. Mills increasingly relied on alternative raw materials, which constrained overall scrap consumption requirements. The decline proved particularly pronounced for premium series grades, where order bookings weakened significantly and prompted producers to scale back raw material procurement. Market focus shifted toward lower-grade materials, though most plants maintained adequate stock levels that capped near-term buying requirements.
Import trade activity remained subdued throughout much of the quarter, with bid-offer mismatches preventing deal closures at key ports and resulting in negligible transaction volumes. Global market sentiment mirrored domestic weakness, with major export markets experiencing oversupply conditions, muted mill buying interest, and limited trading activity extending into holiday periods.
Analyst Insight
According to Procurement Resource, looking ahead, the stainless steel scrap market is expected to remain subdued as weak demand and ample inventories continue to cap the trends.
Stainless steel scrap is the byproduct in the form of pieces or sheets. The stainless-steel scrap is highly corrosion resistant and also has high durability. It is collected and recycled to be melted down and used as a raw material in the production of new stainless-steel products, reducing the need for virgin stainless steel production and conserving resources while minimizing environmental impact.
Aerospace, Renewable energy, Environmental Engineering, Marine applications, Medical devices, Construction, Recycling
Baosteel Group Corporation, EVRAZ North America, BlueScope Steel Ltd, China Steel Corporation, Commercial Metals Company, Hyundai Motor Company
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Rakesh Nandi
Team Lead - Market Research
Leading procurement-focused market intelligence across chemicals, composites, advanced materials, aerospace & defense, and energy, delivering commodity forecasts, supply chain analysis, and competitive benchmarking to support sourcing decisions.
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