- Stainless steel market revival expected post-monsoon
- Chinese CR stainless steel coil prices remain steady
India’s stainless steel market witnessed sluggish activity this week, with finished flats showing mixed price movements and longs holding steady amid limited spot demand and absence of new project triggers.
BigMint’s benchmark assessment for 304 series hot-rolled coils (HRCs) rose marginally by INR 1,000/t to INR 185,000/t ex-Mumbai, supported by selective restocking and constrained availability. Meanwhile, 304L black round bars (25–100 mm) remained unchanged at INR 157,000/t w-o-w, reflecting cautious buyer sentiment and thin transactional volumes.
BigMint’s assessment, SS 316 HRCs stood at INR 331,000/t up by INR 1,000/t and 316 cold-rolled coils (CRCs) at INR 334,000/t ex-Mumbai, down by INR 2,000/t w-o-w.
“The overall sentiment is not very upbeat-buyers are opting for wait-and-watch strategies, hoping for price clarity post-monsoon,” said a Maharashtra-based trader.
The longs market remained rangebound, anchored by regular quarterly orders from established buyers. However, the absence of fresh infrastructure-led demand kept any upside in check. Market participants described the current demand-supply situation as balanced, with wire rod sales maintaining a steady pace.
LME nickel, Asian NPI flat w-o-w
At the time of reporting, three-month nickel prices on the London Metal Exchange (LME) stood at $15,015/t, similar to last week’s level of around $15,000/t. Nickel stocks in LME-registered warehouses stood at 206,580 t, up by 3,960 t compared to 202,620 t in the previous week.
Chinese portside prices of nickel pig iron (NPI) (grade 13%>Ni>10%) remained stable at RMB 915/t ($127/t). Meanwhile, Indonesian FOB prices of NPI (grade 13%>Ni>10%) stood at $109/t down by $1/t on the week.
Chinese stainless steel prices steady
In China, prices of domestic stainless steel 304-grade cold-rolled coils (CRCs) stood at RMB 13,450/t ($1,873/t) exw, stable w-o-w, while FOB tags of 304-grade CRCs were stable at $1,910/t.
Raw material scenario
Ferro molybdenum: Indian ferro molybdenum prices continued its uptrend, going up by INR 120,000/t ($1,397/t) in comparison to the assessment on 9 July. Prices reached their highest point since September 2023 as supply issues of molybdenum oxide still persisted in the market.
Ferro molybdenum prices in India were INR 2,850,000/t ($33,168/t) exw-India, as per BigMint’s assessment on 16 July. Around 55 t of deals were concluded last week in the price range of INR 2,785,000-2,850,000/t ($32,411-33,168/t) exw.
Ferro Chrome: Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 99,500/t ($1,158/t) exw-Jajpur, range-bound w-o-w.
Ferro silicon: Indian ferro silicon (70%) prices stayed largely stable, moving down slightly by INR 200/t ($2/t) in comparison with the last assessment on 7 July 2025. The market moved at a slow pace and with firm offers from sellers but prices did not experience any major fluctuation.
Ferro silicon prices in India were INR 86,800/t ($1,011/t) exw-Guwahati, as per BigMint’s assessment on 14 July. In Bhutan, tags fell slightly by INR 100/t ($1/t) w-o-w to INR 87,000/t ($1,014/t) exw. Around 300 t of deals were reported to BigMint last week in both regions at INR 87,000/t ($1,014/t).
Ferrous scrap: India’s imported ferrous scrap market remained sluggish as buyers showed limited interest in fresh bookings, preferring instead to focus on lower-priced arrival cargoes. The demand was further dampened by the availability of more cost-effective domestic scrap and sponge iron. Indicative offers for shredded scrap from the UK/Europe hovered at $365-370/t CFR Nhava Sheva, while buyers’ bids were lower, around $355-360/t CFR. HMS 80:20 was offered at $335-340/t CFR, though buyers considered workable levels closer to $325-330/t CFR.
Outlook
Market participants expect stainless steel demand to remain subdued through July, with a potential revival likely post-monsoon as infrastructure orders gain pace. Recovery in liquidity and raw material trends-particularly nickel and ferro moly-will be critical in determining pricing direction in the weeks ahead.
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