- Tight scrap supply continued challenging mill procurement
- Domestic demand remained steady during the week
India’s stainless steel finished market continued to strengthen in the week ended 26 August 2026, supported by firm raw material costs, restricted availability and steady domestic buying interest. Tight scrap availability and elevated freight costs continued to limit import viability, keeping domestic material relatively well supported. Market participants noted that higher input costs, particularly ferro molybdenum, are increasingly influencing mill pricing.
Finished flats gain further ground
The flat products market remained bullish during the week, with limited availability and consistent domestic enquiries supporting mill offers. Several major stainless steel producers have reportedly withdrawn discounts, reflecting stronger price confidence and a firmer cost environment.
BigMint’s benchmark assessment for 304 HR coils rose by INR 1,000/t w-o-w to INR 220,000/t exw-Mumbai. Meanwhile, 316 HR coil prices climbed by INR 10,000/t w-o-w to INR 428,000/t exw-Mumbai, largely supported by elevated ferro molybdenum costs.
A leading Indian stainless steel producer further raised prices of 316-grade HRC and CRC products by INR 4,000/t, effective 25 August. This represents another price increase for the grade during August, with market sources linking the revision primarily to higher ferro molybdenum costs.
Long products maintain upward momentum
The stainless steel longs segment also remained firm, with market enquiries showing gradual improvement ahead of the festive season. However, restricted scrap availability continued to constrain procurement and production flexibility for mills.
BigMint’s benchmark assessment for 304 black bars increased by INR 3,000/t w-o-w to INR 198,000/t exw-Mumbai, while 316 black bars rose by INR 6,000/t to INR 358,000/t exw-Mumbai.
China market
China’s stainless steel market continued to face weak fundamentals, despite a modest recovery in SS futures. Downstream buying remained limited as expectations of pre-season restocking failed to translate into meaningful demand. At the same time, higher mill output and rising inventories added pressure to the market. However, firm raw material costs and narrowing steel mill margins offered some support to spot prices, restricting further downside.
Raw material scenario
Outlook
India’s stainless steel finished market is likely to remain firm in the near term, although further price gains may be measured. Tight material availability, resilient domestic demand and elevated alloy costs are expected to underpin mill offers. Meanwhile, weak export enquiries, high freight costs and continued global uncertainty could limit upside momentum.
Market participants are expected to closely track movements in nickel and ferro molybdenum prices, domestic scrap availability, import economics and festive-season demand for further direction.
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