India: Major stainless steel producer hikes 316-grade coil prices further on rising ferro molybdenum prices

• 316-grade prices raised again amid higher alloy costs
• Ferro molybdenum prices rise 8% since early July

A leading Indian stainless steel producer has further increased prices of 316-grade hot-rolled (HRC) and cold-rolled (CRC) products by INR 4,000/t, effective 25 August. This marks another upward revision for the grade this month, with market participants attributing the latest move to higher ferro molybdenum costs.

Alloy costs climb

BigMint’s benchmarket Ferro molybdenum (FeMo 60%) prices rose to around INR 4,359,000/t on 21 August, up by INR 49,000/t from INR 4,310,000/t on 5 August. Compared with INR 4,037,000/t on 3 July, prices have increased by around INR 322,000/t, or 8%.

The sustained increase has raised production costs for 316-grade stainless steel, prompting mills to pass part of the additional cost through to customers.

Domestic market remains firm

India’s stainless steel flat market continues to remain firm, supported by steady downstream demand and limited import activity. Higher freight costs and geopolitical uncertainties have kept imported material less competitive, supporting domestic producers’ pricing position.

BigMint’s latest assessment on 19 Aug placed 304 HRC prices at INR 219,000/t, while 316 HRC stood at INR 418,000/t.

Outlook

The latest hike underlines the stronger cost pressure on 316-grade products, where molybdenum remains a key input. Market participants will closely track ferro molybdenum prices and downstream buying interest to assess whether the current pricing momentum can be sustained.

While firm domestic demand and subdued imports remain supportive, any moderation in alloy costs or resistance from downstream buyers could limit further price increases.