In India, stainless-steel prices have increased, with 304-series HRCs trading at about ₹192,000-₹198,000 per tonne and 316-series HRCs at about ₹330,000-₹345,000, as high nickel prices support a firm US dollar value. Price levels reflect ongoing cost-spiral pressures, common to both domestically produced stainless steel products and those globally benchmarked. Although there is little domestic demand for stainless steel due to tight liquidity and low activity; therefore, the pricing trends indicate that flat and long stainless-steel products will occur as a result of costs, rather than as a result of demand-driven rises.

Outlook

In the near term, it is likely that stainless steel prices remain supported by steady raw material prices and continuing global surcharge price trends, with limited potential for downward price shifts unless there is a significant improvement in the demand level. In addition to this, demand will limit the potential for upside price movement unless domestic consumption and availability of liquidity are improved. Other factors affecting price direction, long-term, will include imports, stable pricing of nickel, and any regulatory or trade policy changes affecting duties on international imports of stainless steel.