- Major coil makers increase 300 series prices
- Demand likely to be sluggish until mid-April
Prices of Indian domestic stainless steel (SS) finished flat products rose w-o-w, while longs remained mostly stable. The increase in SS finished flat prices this week reflects the hikes by major coil makers in the 300 series, driven by rising nickel costs.
BigMint’s benchmark assessment for stainless steel (304 series) hot-rolled coils (HRCs) stood at INR 181,000/t, up by INR 2,000/t w-o-w, while 304L (25-100 mm) black round bars inched up by INR 500/t w-o-w to INR 160,500/t, both ex-Mumbai.
LME nickel, Asian NPI rise w-o-w
At the time of reporting, three-month LME nickel prices stood at $16,565/t, reflecting a marginal dip of 1% from last week’s $16,750/t. Nickel stocks in LME-registered warehouses inched up by 1% to 200,796 t compared to 199,686 t in the previous week.
Chinese portside prices of nickel pig iron (NPI) (grade 13%>Ni>10%) also witnessed an increase of RMB 12/mtu ($1/mtu) w-o-w to RMB 1,010/mtu ($139/mtu). Meanwhile, Indonesian FOB prices of NPI (grade 13%>Ni>10%) stood at $120/mtu, up by $1/mtu w-o-w.
Finished market up w-o-w
As per BigMint’s assessment, SS 316 HRCs remained stable w-o-w at INR 325,000-327,000/t ex-Mumbai.
A trade source informed, “Prices in the domestic market have increased, mirroring the recent price hikes by major coil makers for the 300 series products. However, despite this rise in prices, demand remains weak, and buying activity has been slow. The approaching fiscal year-end is contributing to this slowdown, as buyers are likely holding off on purchases.”
BigMint’s assessment of SS 316L (25-100 mm) black round bars stood at INR 270,000-272,000/t ex-Mumbai. Prices of SS 316L (25-100 mm) bright bars stood at INR 288,000-290,000/t ex-Mumbai, up INR 1,000/t w-o-w.
As per market participants, “Prices are largely stable with no significant movement in the market at the moment. Demand is expected to pick up around mid-April, although liquidity issues continue to persist. Exports are also sluggish, largely due to weak sentiment in the EU market. However, there are expectations that export activity will improve by mid-April as market conditions gradually stabilise.“
Chinese stainless steel prices rise
In China, prices of the domestic stainless steel 304-grade cold-rolled coils (CRCs) stood at RMB 14,050/t ($1,943/t) exw, up by RMB 100/t ($13/t) w-o-w, while FOB prices of 304-grade CRCs were at $1,910/t.
Raw materials overview
Ferro molybdenum: Indian ferro molybdenum prices went down by INR 13,000/t w-o-w as compared to the previous assessment.
As per BigMint’s assessment on 19 March, ferro molybdenum prices in India were at INR 2,595,000/t ($30,058/t) exw on a 60% pro rata basis.
Ferro chrome: Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 101,000/t ($1,169/t) exw-Jajpur, as compared to previous week.
Additionally, Vedanta-Ferro Alloys Corporation Ltd (FACOR) has scheduled an auction for high-carbon (HC) ferro chrome (10-150 mm) on 21 Mar’25. At the previous auction on 7 Mar’25, the bigger lot of 10-150 mm fetched an H1 price of INR 100,000/t exw. BigMint assessed ferro chrome (HC 60%, 10-150 mm) prices at INR 101,000/t exw-Jajpur on 19 Mar’25.
Outlook
Demand will likely remain sluggish, with no significant improvement expected until mid-April, when a typical seasonal pick-up is anticipated. Market activity has also been slow due to the fiscal year closing, which has further contributed to the subdued market sentiment.
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