India: Stainless finished steel prices see mixed trends w-o-w amid steady demand

• Global surcharge hikes lend cost support
  
  
• Exports cautious amid CBAM uncertainty
  
  

India's stainless steel finished market reflected mixed trends across flats and longs, with domestic demand remaining sluggish even as prices held firm. Trading activity stayed low to moderate, with buyers resisting recent mill-led price hikes.

European majors including Aperam, Outokumpu, and Acerinox raised March alloy surcharges for key grades such as 304 and 316L, supported by higher nickel and molybdenum costs. The upward revision in European benchmarks provided indirect support to Asian sentiment, including India.

Finished flats

BigMint's benchmark 304 HRC stood at INR 195,000/t ex-Mumbai, down INR 3,000/t w-o-w, while 316 HRC remained steady at INR 348,000/t. Despite mills quoting higher, buyers have yet to absorb the hikes, creating a visible gap between offer and tradeable levels. Liquidity constraints stretched payment cycles, weighing on spot momentum.

Import activity remained muted due to the Lunar New Year holidays in China, while financial year-end closures kept domestic buyers cautious.

Finished longs

BigMint's benchmark assessment for stainless steel 304L (25 to 100 mm) black round bars was at INR 165,000/t ex-Mumbai, steady Meanwhile, SS 316L black round bars were at INR 290,000/t ex-Mumbai, up INR 5,000/t w-o-w.

In the finished longs segment, market remained on wait and watch mode due to year end closures and weak demand.

BigMint's assessment for stainless steel 304L (25-100 mm) bright bars stood at $2,150/t, up by $50/t and 316L (25-100 mm) bright bars at $3,670/t, up by $70/t FOB Nhava Sheva. In the export segment, exports remained slow, due to European CBAM uncertainties.

LME nickel prices

Benchmark three-month nickel prices on the London Metal Exchange (LME) closed at $17,810/t on 24 February, down around 5% w-o-w from $16,875/t on 17 February. LME-registered nickel stocks were reported at 287,328 t, down slightly from 287,730 t in the previous week.

Raw material scenario

Outlook

Domestic stainless prices are expected to remain supported by alloy cost pressure. However, weak downstream demand, cautious buying, and export uncertainty may cap upside in the near term. Direction will hinge on nickel stability and clarity in overseas enquiries.