India: Leading stainless steel producer raises coil prices for Sep’26

• 304, 316 coil prices rise by INR 2,000/t
• Higher alloy costs support mill pricing

A leading Indian stainless steel producer has increased prices of its 304 and 316-grade hot-rolled (HR) and cold-rolled (CR) products by INR 2,000/t, effective 1 September 2026, marking its first price revision of the month. Prices for JT-grade HR and CR products were raised by INR 1,000/t.

Market participants attributed the revision primarily to higher ferro molybdenum costs, alongside firm nickel prices and tight stainless steel scrap availability. The price increase also comes amid firm domestic demand and subdued imports, supporting mill pricing.

Price revision

The producer increased prices as follows:

• 304 HR/CR: INR 2,000/t
• 316 HR/CR: INR 2,000/t
• JT HR/CR: INR 1,000/t

Market participants said the mill kept distributor bookings on hold earlier on 1 September following the price revision, indicating a cautious approach to fresh sales while the new prices are being assessed by the market.

Raw material costs

Ferro molybdenum remained elevated, with BigMint’s FeMo 60% assessment at around INR 4,359,000/t on 26 August, unchanged w-o-w from 21 August. Firm nickel prices and tight availability of stainless steel scrap have also kept input costs supported.

BigMint’s latest assessment on 26 August placed 304 HRC at INR 220,000/t and 316 HRC at INR 428,000/t.

Outlook

The September price revision reflects continued cost pressure from ferro molybdenum, firm nickel prices and tight stainless steel scrap availability. Firm domestic demand and subdued imports are also providing support to mill pricing.

Further price increases may, however, depend on the direction of alloy costs and downstream buying response. Any moderation in ferro molybdenum or nickel prices, or stronger resistance from buyers, could limit additional price revisions in September.