India: Leading stainless steel producer announces second coil price hike in Aug’26

• Higher alloy costs support second August price hike
• Domestic demand remains firm amid subdued imports

A leading Indian stainless steel producer has increased domestic prices of hot-rolled (HR) and cold-rolled (CR) stainless steel coils, effective 14 August, marking its second price revision this month. Market participants attributed the latest increase to higher input costs, particularly ferro molybdenum, alongside volatile nickel prices and uncertainty surrounding Indonesia’s revised nickel mining quotas.

Price hikes across grades

The producer raised prices as follows:

304 HR: INR 1,000/t

316L HR/CR: INR 3,000/t

JT CR: INR 1,000/t

1301-1500 mm width, all HR grades: INR 2,000/t

As per market sources, mill bookings remained on hold on 13 August.

Domestic market remains firm

India’s finished flats market remained firm during the week, supported by improving downstream demand. Meanwhile, import activity remained subdued amid higher freight rates and ongoing geopolitical tensions, encouraging buyers to remain more dependent on domestic material.

BigMint’s latest assessment on 12 August placed 304 HR coils at INR 218,000/t, steady w-o-w, while 316 HR coils increased by INR 3,000/t w-o-w to INR 412,000/t.

China market remains under pressure

China’s stainless steel market remained under pressure this week, with weak futures sentiment weighing on spot prices. Continued uncertainty over Indonesia’s RKAB approvals, a hawkish US Fed stance and US-Iran tensions kept market sentiment bearish, while sluggish off-season demand and rising mill production added further pressure. However, stable inventories and firm NPI costs provided a floor, limiting the downside. Overall, the Chinese stainless steel market is expected to remain in a weak-to-stable consolidation phase in the near term.

Outlook

Higher alloy costs, healthy domestic demand, tight availability of certain grades and subdued imports have strengthened the producer’s pricing position. However, downstream buying activity, nickel price movements and developments in Indonesia’s nickel mining quotas will remain key factors influencing domestic stainless steel prices in the near term.