- Leading producer raises coil prices across grades
- BIS certification issues limit finished flats imports
India’s stainless steel finished flats prices rose this week, supported by higher raw material costs and price hikes from domestic and global producers. Meanwhile, finished longs tags inched up despite weak market sentiments.
BigMint assessed 304-series hot-rolled coils (HRCs) at INR 190,000/tonne (t) ex-Mumbai, up INR 500/t w-o-w. 304L black round bars (25-100 mm) rose INR 1,000/t w-o-w to INR 158,000/t.
In the 316 series, HRCs stood at INR 338,000/t, up INR 2,000/t w-o-w, while cold-rolled coils (CRCs) held steady at INR 342,000/t, up by INR 4,000/t.
Market updates
India’s leading stainless steel coil producer raised prices, effective 3 September 2025. The company increased 304-grade tags by INR 5,000/t ($56/t), 316L by INR 8,000/t ($90/t), 202 by INR 4,000/t ($45/t), and 400 series by INR 3,000/t ($34/t). The hike reflects higher raw material costs and global price pressures. Earlier, the company had raised coil prices by up to INR 12,000/t on 20 August.
Imports also remained limited this week. A trader said, “Finished flats imports are not happening since BIS certification is mandatory, despite lower offers from China and Vietnam. Domestic flats prices are increasing with firm raw material tags, but demand is bearish.”
Another source noted Chinese imports were 15-20% cheaper than local prices, but largely restricted, while Vietnam’s cold-rolled products were about 10% costlier than Chinese supply.
Global stainless steel prices also strengthened, led by higher molybdenum costs, with the sharpest increases seen in 316-grade material.
Conversely, demand for finished longs remained subdued due to the monsoon but is expected to improve in the coming weeks.
LME nickel tags up
At the time of reporting, three-month nickel prices on the London Metal Exchange (LME) stood at $15,285/t, up 0.7% from last week’s $15,170/t. Nickel stocks at LME-registered warehouses stood at 210,234 t, up 0.5% compared to 209,148 t in the previous week.
Chinese stainless steel, NPI prices
In China, prices of domestic stainless steel 304-grade CRCs stood at RMB 12,800-12,900/t ($1,793-1,807/t) exw, stable w-o-w, while FOB tags of 304-grade CRCs were firm at $1,900/t.
Chinese portside prices of nickel pig iron (NPI) (8-12%) remained firm w-o-w at RMB 944/t ($132/t). Meanwhile, Indonesian FOB prices of NPI (12-14%) stood at $117/t.
Raw material scenario
Ferro molybdenum: Indian ferro molybdenum prices remained stable compared to the previous assessment on 27 August, supported by regular supply and steady market demand. As per BigMint’s assessment on 3 September, ferro molybdenum prices in India were at INR 3,100,000/t ($35,205/t) exw .
Ferro silicon: Indian ferro silicon (70%) prices edged down by INR 400/t ($5/t) compared with the previous assessment on 25 August. Limited market activity was observed, with participants awaiting September’s offers from Bhutan.
Ferro silicon prices in India were at INR 91,200/t ($1,036/t) exw-Guwahati, as per BigMint’s assessment on 1 September. In Bhutan, prices fell slightly by INR 900/t ($10/t) w-o-w to INR 92,100/t ($1,046/t) exw.
Ferro chrome: Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 113,700/t ($1,292/t) exw-Jajpur, up INR 4,200/t ($47/t) w-o-w.
Ferrous scrap: India’s imported scrap market stayed dull as a strong dollar and weak sentiment kept buyers cautious. Heavy monsoon rains disrupted operations in the northern region, weighing on steel demand and cutting production by nearly 30%, according to Chennai-based sources.
Offers were heard at $330-340/t CFR for HMS 80:20 West Africa, $325-330/t CFR for UK HMS 80:20, and $365/t CFR for UK/EU shredded. However, tradable levels hovered at around $325-330/t CFR for HMS 80:20, with buying muted as falling domestic finished steel prices pressured sentiment further.
Outlook
As the monsoon season comes to an end, the market is expected to gain momentum with stronger trading activity ahead. However, market participants remain cautious about BIS issues.
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