India: Stainless steel flats prices increase w-o-w following hike by major producer

• Leading SS coil-maker hikes 304, 316 prices by INR 3,000/t
  
  
• Safeguard duty on carbon steel flat products boosts sentiments
  
  

Prices of Indian stainless steel (SS) finished flats and longs increased by up to INR 4,500/t w-o-w, following the recent hike by a major coil manufacturer.

A leading stainless steel coil manufacturer increased tags of 304 and 316 grades by INR 3,000/t ($35/t), effective 22 April 2025, driven by rising prices of nickel, a key raw material. This week, LME nickel prices breached $15,690/t. The hike is applicable to widths of 1300 mm. Additionally, a provisional safeguard duty of 12% has been imposed imports of carbon steel flat products to support the domestic industry.

BigMint's benchmark assessment for stainless steel (304 series) hot-rolled coils (HRCs) stood at INR 185,000/tonne (t), up INR 4,500/t w-o-w, while 304L (25-100 mm) black round bars also increased by INR 1,000/t to INR 160,000/t, both ex-Mumbai.

LME nickel tags up, Asian NPI falls w-o-w

At the time of reporting, three-month LME nickel prices stood at $15,730/t, reflecting a slight increase of 1% from last week's $15,655/t. Nickel stocks in LME-registered warehouses stood at 202,818 t, range-bound compared to 202,938 t in the previous week.

Chinese portside prices of nickel pig iron (NPI) (grade 13%>Ni>10%) witnessed a w-o-w decrease of RMB 15/metric tonne unit (mtu) ($2/mtu) to RMB 985/mtu ($135/mtu). Meanwhile, Indonesian FOB prices of NPI (grade 13%>Ni>10%) stood at $117/mtu, down by $1/mtu w-o-w.

Uptick in finished prices

Despite the rise in finished product prices, market demand for 300 series stainless steel remained muted. In contrast, demand for the 200 and 400 series showed relatively stronger momentum.

Some market participants attributed the price hikes by major coil manufacturers to the recently imposed safeguard duty, which, along with restricted imports into India, contributed to supply constraints.

The stainless steel market continues to show a stable price trend with minimal fluctuations. Secondary producers, especially those operating through the induction furnace (IF) route, remain under pressure, while buyers largely maintain a cautious, wait-and-watch approach.

According to market participants, "The demand for finished steel products especially round bars has remained stable throughout the month. Market activity continues to be primarily need-based, with no significant shifts observed in overall demand. This consistent buying pattern has played a key role in maintaining price stability in the round bar segment."

Chinese stainless steel prices steady

In China, prices of domestic stainless steel 304-grade cold-rolled coils (CRCs) stood at RMB 14,050/t ($1,928/t) exw, stable w-o-w, while FOB tags of 304-grade CRCs were at $1,910/t.

Raw materials overview

Ferro molybdenum: Indian ferro molybdenum prices stayed largely stable last week, falling marginally by INR 1,000/t ($12/t) as compared to the previous assessment on 16 April. Prices held steady as the market operated at regular pace with no significant changes seen.

As per BigMint's assessment on 23 April, ferro molybdenum prices in India were INR 2,552,000/t ($29,857/t) exw-India. Around 32 t of trades were heard last week within a price bracket of INR 2,495,000-2,575,000/t ($29,190-30,126/t) exw.

Ferro chrome: Indian high-carbon ferro chrome (HC60%, Si:4%) prices were at INR 101,300/t ($1,186/t) exw-Jajpur, up by INR 300/t ($3/t) w-o-w.

Vedanta-Ferro Alloys Corporation (FACOR) has scheduled an auction for high-carbon (HC) ferro chrome (10-150 mm) on 23 April. The minimum allowed bid quantity for both lots is 25-300 t. In the previous auction held on 14 April, the larger lot of 10-150 mm fetched an H1 price of INR 100,100/t exw.

Outlook

Price stability is expected in the near term as buyers adopt a cautious, wait-and-watch stance. Weak demand and subdued buying activity continue to impede market momentum.