Stainless steel scrap is paid by grade, and its value follows what is in the alloy, mainly nickel. The two grades people ask about most, 304 and 316, look almost the same and are priced differently. This guide explains what sets the price, shows how to put a number on the metal content, and says plainly what we could not verify. For a quick estimate use the scrap calculator.
What the price follows
Stainless steel is not among the metals on the official London Metal Exchange (LME) price list we checked, but its value follows its alloy metals. Nickel is the main one. On 29 October 2026 the official LME cash settlement for nickel was US$15,360 a tonne [1]. The Reserve Bank of Australia's rate that day was US$0.7053 per A$1 [2], so nickel was about A$21,780 a tonne, or roughly A$21.78 a kilogram.
The ScrapTrade price index describes 304 as "18/8" stainless, meaning about 18% chromium and about 8% nickel. On those figures the nickel in a kilogram of 304 is worth roughly 0.08 x A$21.78, about A$1.74. That is the value of one ingredient, not a scrap price. Chromium and other metals add to it, and a buyer pays less than the contained value for the cost of sorting, melting and risk. We found no sourced figure for how much less.
304 and 316
The index defines Stainless Steel 304 as 18/8 grade stainless in mixed form, and Stainless Steel 316 as marine-grade stainless in mixed form. 316 contains molybdenum and usually more nickel, which is why it is described as marine grade and normally earns more. That is general metallurgy, not a figure from our data. When we checked on 30 October the index said it was showing reference estimates while live pricing was temporarily unavailable, so we do not print its figures. See the 316 page for the current value.
The real problem: telling them apart
A magnet is a quick first check. Most common stainless grades are only weakly magnetic or not at all, so a magnet separates them from ordinary steel, but it cannot tell 304 from 316. To know the grade you need a composition test. Handheld X-ray fluorescence (XRF) analysers have been the main tool for material verification in the trade for decades, as we explain in AI Tools for a Scrap Business. Many sellers do not have one, so mixed or unknown stainless is often priced as the lower grade. Ask your yard how it treats it.
How to check an offer
- Find out the grade the yard is paying for, and whether it tested the load.
- Ask what it deducts for attachments, food residue or non-stainless parts.
- Compare two or three buyers. With no sourced typical share of metal value, compare buyers with each other.
- Look at the date on any price you are shown.
What else moves the payout
- Form and cleanliness. Stainless attached to steel, plastic or food residue is worth less after separation.
- Quantity. Larger, sorted lots are easier for buyers to price.
- Which buyer you ask. A yard that can test composition may pay more than one that cannot.
- The nickel market and the dollar, which move daily.
Selling stainless on ScrapTrade
According to ScrapTrade's How It Works page, sellers list with photos and pricing preferences, review buyer offers and accept one, and buyers can post what they need. The Trust & Safety page says payment is held in escrow from the moment a deal is confirmed and released once pickup or delivery is confirmed on both sides. If you have a sorted lot, listing the grade you can evidence lets buyers compare like with like. Create a free account to try it, or compare offers on the marketplace. ScrapTrade has a commercial interest in the scrap trade.
If you sell regularly as a business, the ATO's scrap code expects an ABN or the buyer withholds 47% [3]. See What If Every Scrap Trade Were on the Books?.
What we could not verify
- A sourced Australian yard price for stainless. We found none.
- How much below the metal value a yard pays.
- Export value for stainless. In the customs dataset we use, stainless scrap cannot be separated reliably from other steel scrap.
- Live ScrapTrade index figures, which were unavailable when we checked.
- City differences.
Frequently asked questions
What is the stainless steel scrap price per kg in Australia?
It depends on grade and the day. Nickel, the main driver, was about A$21.78 a kilogram on 29 October 2026, and 304 contains about 8% nickel, but scrap sells below its metal value and we found no sourced yard price [1][2].
How do I tell 304 from 316?
Not with a magnet. A composition test, such as handheld XRF, is the usual method.
Why is my stainless paid at a low rate?
Unknown or mixed grade is often priced at the lower rate, and attachments reduce the payable weight. Ask your yard.
Do I need an ABN?
If you sell as a business, the ATO expects one, or the buyer withholds 47%, unless a valid exception applies [3].
Sources
- Westmetall, Official LME prices, 29 October 2026.
- Reserve Bank of Australia, Exchange rates, 29 October 2026 (US$0.7053 per A$1).
- Australian Taxation Office, GST and scrap metal: code of compliance (3 July 2023).
Figures are indicative and not an offer or advice. The nickel content figure is an illustration of one ingredient, not a scrap price. ScrapTrade operates a scrap marketplace and has a commercial interest in the scrap trade.