- Buyers cautious, market sees need-based buying
- Demand expected to pick up towards April-end
Prices of Indian stainless steel (SS) finished products decreased w-o-w, driven by the recent drop in LME nickel prices, which fell to their lowest point in nearly five years.
BigMint’s benchmark assessment for stainless steel (304 series) hot-rolled coils (HRCs) stood at INR 180,500/tonne (t), down INR 500/t w-o-w, while 304L (25-100 mm) black round bars also dropped by INR 500/t to INR 160,000/t, both ex-Mumbai.
LME nickel tags, Asian NPI fall w-o-w
At the time of reporting, three-month LME nickel prices stood at $14,145/t, reflecting a significant drop of 11% from last week’s $16,005/t. Nickel stocks in LME-registered warehouses stood at 202,938 t, up by 2% compared to 199,020 t in the previous week.
LME nickel prices witnessed a significant decline, as the market experienced increased uncertainty. Expectations are that Indonesia’s nickel ore premiums will drop in the near term. Additionally, delays in policy implementation and falling downstream prices reduced support for nickel ore, adding to the market’s instability.
Chinese portside prices of nickel pig iron (NPI) (grade 13%>Ni>10%) witnessed a w-o-w decrease of RMB 5/metric tonne unit (mtu) ($0.5/mtu) to RMB 1,025/mtu ($140/mtu). Meanwhile, Indonesian FOB prices of NPI (grade 13%>Ni>10%) stood at $121/mtu, down by $2/mtu w-o-w.
Finished market dips w-o-w
Market participants observed weak buying interest in the finished segment, leading most mills to delay scrap purchases. Major players took a cautious stance, awaiting greater market clarity before making substantial moves.
As per BigMint’s assessment, SS 316 HRCs dropped by INR 2,000/t w-o-w to INR 323,000-325,000/t ex-Mumbai.
BigMint’s assessment of SS 316L (25-100 mm) black round bars stood at INR 270,000-271,000/t ex-Mumbai, down INR 500/t w-o-w. Prices of SS 316L (25-100 mm) bright bars stood at INR 288,000-290,000/t ex-Mumbai, steady w-o-w.
A source informed BigMint, “The market remains uncertain following the recent drop in LME nickel prices. However, there has been no significant effect on finished material prices because of LME trends. Additionally, prices of certain long products remained stable w-o-w.”
Chinese stainless steel prices drop
In China, prices of domestic stainless steel 304-grade cold-rolled coils (CRCs) stood at RMB 14,050/t ($1,920/t) exw, down by RMB 100/t ($13/t) w-o-w, while FOB tags of 304-grade CRCs were at $1,910/t.
Global updates
Taiwan’s stainless steel wire rod imports surge m-o-m
Taiwan’s stainless steel wire rod imports rose to 818 t in February 2025, the highest in over a year, reflecting a 9% m-o-m increase. Import prices jumped to TWD 10,702/t ($334), ending a two-month decline. In contrast, exports fell by 22.7% to 1,309 t, while prices of the same rose to TWD 7,756/t ($256/t).
Raw materials overview
Ferro molybdenum: Indian ferro molybdenum prices moved down slightly by INR 7,000/t ($80/t) as compared to the previous assessment on 2 April. Minimal price movements were observed in global markets.
As per BigMint’s assessment on 9 April, ferro molybdenum prices in India were at INR 2,568,000/t ($29,634/t) exw on a 60% pro rata basis.
Ferro chrome: Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 100,600/t ($1,160/t) exw-Jajpur, up by INR 500/t w-o-w.
Outlook
The market is expected to remain cautious in the short term, with buyers waiting for stability. There are expectations for demand to pick up towards the end of April.
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