- 316 grades gain amid tight scrap availability, elevated alloy costs
- Leading producer raises 304, 316 grade coil prices by INR 2,000/t
India’s stainless steel finished market remained firm in the week ended 2 September 2026, supported by tight raw material availability, including of scrap, and higher alloy costs. However, buyers remained cautious at elevated price levels and largely followed a requirement-based purchasing approach.
Finished flats gain further
The flat products market remained firm during the week, with limited availability and steady domestic enquiries supporting mill offers. Several major stainless steel producers have reportedly withdrawn discounts, reflecting stronger pricing confidence amid the higher-cost environment.
BigMint’s benchmark assessment for 304 HR coils rose by INR 2,000/t w-o-w to INR 222,000/t exw-Mumbai. Meanwhile, 316 HR coil prices increased by INR 5,000/t to INR 433,000/t exw-Mumbai, primarily supported by tight availability of 316-grade scrap.
A leading Indian stainless steel producer increased prices of its 304 and 316-grade HR and CR products by INR 2,000/t, effective 1 September 2026. Prices for JT-grade HR and CR products were raised by INR 1,000/t.
Market participants said the mill kept distributor bookings on hold on 1 September following the price revision, indicating a cautious approach towards fresh sales while the market adjusted to the higher price levels.
Long products remain firm
The stainless steel longs market also remained firm, although sales were limited as higher scrap costs weighed on buyer interest. Mills continued to face tight scrap availability, keeping replacement costs elevated.
BigMint’s benchmark assessment for 304 black bars increased by INR 2,000/t w-o-w to INR 200,000/t exw-Mumbai, while 316 black bars rose by INR 5,000/t to INR 363,000/t exw-Mumbai.
India’s stainless steel bright bar export market remained firm in the week ended 1 September, although overall sentiment was largely unchanged. Overseas buying remained subdued amid geopolitical tensions, trade uncertainties, elevated freight costs and evolving CBAM requirements. Nevertheless, limited scrap availability and elevated alloy costs continued to support exporters’ price expectations.
European market activity remained muted as buyers remained away for summer holidays. Market participants expect European enquiries to gradually resume from next week, which could provide some improvement in export activity.
BigMint’s assessment on 1 September placed 304 bright bars at $2,350/t FOB Nhava Sheva, up $50/t w-o-w, while 316 bright bars stood at $4,300/t FOB Nhava Sheva.
Global market sentiment remains weak
Indonesia’s 300-series stainless steel export prices fell by $30/t across grades on 2 September, reflecting weaker-than-expected downstream demand. Market participants reported thin transactions and limited buyer appetite, indicating continued pressure on export markets.
China’s stainless steel market sentiment also remained bearish. Weak pre-peak-season demand, continued inventory buildup and more aggressive mill selling pressured spot prices, while downstream buyers continued to purchase mainly on a need basis. Although higher production and expectations of the September-October peak season could provide some support, the lack of meaningful restocking has kept market confidence weak. Narrowing mill margins and resilient raw material costs, however, are limiting the downside and could keep prices in a weak-to-stable range.
Taiwanese stainless steel mills also raised September prices, with Yusco and Tang Eng increasing 304 by TWD 1,500/t ($4,482/t) and 316L by TWD 2,500/t ($7,471/t), marking their second consecutive monthly hikes. The increases were supported by higher NPI, scrap and ferro molybdenum costs, along with expectations of stronger downstream demand ahead of the peak season.
Japan’s Nagoya market also remained firm, with SUS304 cold-rolled stainless steel prices rising by JPY 10,000/t ($5,941/t) to around JPY 630,000/t ($374,336/t). Distributors continued passing on higher-priced material received from mills, keeping market offers elevated despite some manufacturers lowering contract prices in August. Market participants expect prices to remain firm into autumn, with some distributors targeting a further JPY 10,000/t increase this month.
Raw material scenario
Outlook
India’s stainless steel finished market is expected to remain firm but cautious in the near term. Tight scrap availability, elevated alloy costs and steady domestic enquiries are likely to support mill offers, particularly for 316-grade products.
However, higher finished steel prices could limit buying interest, while subdued export demand, elevated freight costs and weak global market sentiment may restrict further upside. Market participants will closely monitor nickel and ferro molybdenum prices, scrap availability, import economics, distributor bookings and festive-season demand for further direction.
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