The prices for stainless steel in India remain firm due to rising nickel and alloy prices, along with rising domestic demand despite facing reduced trading volume caused by the holiday celebrations of Lohri and Makar Sankranti. The continued supply-side restrictions from Indonesia are raising cost pressures, leading mills to maintain elevated prices for nickel and to elevate their production costs. The finished flat products were stable with positive sentiment coupled with awareness of higher global pricing, with the weekly average of the stainless-steel grades 304 Hot Rolled (HRC) being fixed at ₹190,000/t and the grade 316 HRC being fixed at ₹336,000/t where both grades were not changed week-over-week, with Tsingshan's recent increase in price providing further support for the sector.

Finished long products rose as the effects of higher material costs prompted higher purchase offers made by mills for long products. Weekly average pricing for black round bars of stainless-steel grade 304L rose to ₹160,000/t from Mumbai, and grade 316L rose to ₹278,000/t from Mumbai, with both grades having week-over-week increases. High costs for ferro molybdenum and steady prices of ferro chrome and ferro silicon provided additional price support. Therefore, stainless steel prices are expected to remain stable during the near term, with nickel volatility and changes in Indonesian policies acting as major price drivers.

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