Stainless steel prices in India remained firm during this period, supported by a strong US dollar and higher global prices, and rising raw material and alloy costs. SS 304 hot-rolled coils (HRCs) were assessed at ₹190,000/t ex-Mumbai, while 316 HRCs stood at ₹ 336,000/t, both steady w-o-w basis.

As mentioned by various sources, the prices have been increased, but the buyers are cautious and waiting for better offers.  Multiple price hikes in Indonesia, but stable nickel prices and higher ferro molybdenum costs further reinforced market strength. Although imports continued due to the BIS compliance extension, logistical delays and cautious import volumes limited their impact. Demand, however, stayed muted, with buyers remaining cautious amid ongoing price volatility.

Outlook:

The short-term outlook indicates that prices for stainless steel will continue to be supported by positive global market conditions as well as increasing costs. However, the upside to stainless-steel prices will likely remain constrained until there is a pronounced improvement in local demand. Overall market sentiment is likely to remain cautious; participants will continue to be focused on global pricing trends, alloy cost trends, and recovery from post-holiday demand levels in January.