- Tighter supply, improved buying support flats prices
- Higher input costs lift longs prices but demand weakens
India’s stainless steel finished products market remained firm during the assessment week ended 29 July 2026, supported by higher nickel and molybdenum costs, a stronger US dollar, and geopolitical uncertainties. While flat product demand improved modestly, the longs segment continued to face pressure from weak export demand and subdued overseas buying.
Finished flats remain firm
BigMint’s benchmark assessment for 304 hot-rolled (HR) coils remained stable w-o-w at INR 215,000/t exw-Mumbai, while 316 HR coils increased by INR 3,000/t to INR 405,000/t exw-Mumbai. Market sources cited tighter availability, elevated ferro molybdenum prices, and improved buying interest as the primary drivers behind the increase.
A leading Indian stainless steel producer increased domestic prices of 316-grade hot-rolled (HR) and cold-rolled (CR) coils by INR 3,000/t, effective 28 July, marking its third price revision this month. The latest increase could be attributed to rising molybdenum and nickel prices, along with a stronger US dollar, which pushed up raw material procurement costs.
Imported offers also moved higher on stronger replacement costs and dollar strength. Indicative offers were heard at $2,150-2,160/t CFR India for 304 CR coils, $4,480-4,490/t CFR India for 316 CR coils, and $1,140-1,150/t CFR India for JT CR coils.
Despite the higher offers, a few import transactions were concluded as buyers anticipated further price increases. Market participants noted that domestic 304-grade material remained more competitive than imports, while buyers continued to focus on importing 200-series grades following the BIS exemption.
Long products face export headwinds
The stainless steel longs market remained relatively uncertain despite rising raw material costs. BigMint’s benchmark assessment for 304 black bars increased by INR 5,000/t w-o-w to INR 190,000/t exw-Mumbai. Prices of 304 bright bars rose by INR 5,000/t to INR 215,000/t exw-Mumbai.
Market participants noted that although input costs continue to increase, buyers have been reluctant to fully absorb higher prices, limiting trading activity. Export demand also remained weak, with the Middle East market largely inactive and European safeguard quotas continuing to affect Indian shipments.
Indicative export offers for 304 bright bars were heard at around $2,300/t FOB India, while 316 bright bars were offered at $4,170-4,200/t FOB India.
China market
China’s stainless steel market remained under pressure as weak seasonal demand and rising supply weighed on prices. Stainless steel futures softened alongside the broader non-ferrous complex, while spot prices declined amid weaker market confidence and the resumption of production at previously idled mills. Although concerns over tighter Indonesian nickel ore supply continued to support raw material costs, sluggish downstream procurement, modest inventory build-up and off-season demand continued to limit any meaningful recovery in spot prices. 304/2B slit-edge coils were heard at around RMB 15,550/t ($2,291/t) exw-Foshan.
Raw material
Outlook
India’s stainless steel flat products market is expected to remain firm over the coming weeks, supported by elevated alloy costs, a stronger US dollar, improving spot demand and continued volatility in nickel prices. However, the recovery is likely to remain concentrated in flat products, while the longs segment may continue to face challenges until export demand improves and global trade conditions stabilise.
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