- JT coil prices decline amid import pressure
- Molybdenum shortage supports stainless steel pricing
A major Indian stainless steel producer revised its HR and CR coil prices effective 4 June, implementing its first price revision of the month. The increase was primarily driven by firm nickel prices and a sharp rise in molybdenum costs amid a global concentrate shortage and robust Chinese demand.
The producer increased 316-grade HR and CR coil prices by INR 3,000/t.
In contrast, JT-grade HR and CR coil prices were reduced by INR 1,000/t following the extension of Quality Control Order (QCO) exemptions until 26 October 2026. The move has facilitated imports and intensified competition from Chinese-origin stainless steel material in the domestic market.
BigMint’s assessed ferro molybdenum 60% prices stood at INR 4,090,000/t exw-India, while molybdenum oxide 57% was assessed at $31/lb CFR India. At the time of reporting, LME nickel prices were hovering around $18,650/t.
Market participants expect alloy-linked stainless steel grades to remain supported in the near term, while competitive import pressures may continue to weigh on select 200-series products.
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