- Elevated ferro molybdenum costs sustain input pressure
- Alloy costs and buying response shape outlook
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 and INR 3,000/t, respectively, effective 11 October 2026, marking its first price revision of the month. Prices of JT-grade HR and CR products remained unchanged.
Market participants reported supply shortages in select sizes, while limited stainless steel scrap availability continued to support input costs. The price revision also comes amid firm domestic demand and subdued imports, supporting mill pricing. Buyers are assessing the revised prices before committing to fresh purchases.
Raw material costs
Ferro molybdenum prices remained elevated, with BigMint’s FeMo 60% assessment at around INR 4,400,000/t on 9 October. Tight stainless steel scrap availability has also kept raw material costs firm.
BigMint’s latest assessment on 7 October placed 304 HRC at INR 218,000/t and 316 HRC at INR 455,000/t.
Outlook
India’s stainless steel market is expected to remain firm amid festival-season demand and tight scrap availability. However, further price increases will depend on alloy cost movements and downstream buying activity. Any moderation in ferro molybdenum or nickel prices, or stronger resistance from buyers, could limit additional price revisions in the coming weeks.
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