India’s stainless-steel prices stayed largely rangebound as weak spot buying and cautious sentiment offset cost-side support. Volatility in LME nickel down around 5% w-o-w—kept buyers in wait-and-watch mode. The price of SS-304 HRC and SS- 316 HRC was assessed at ₹192000 and ₹343000 per tonne, respectively. The recent strength in the rupee has further weakened both import parity and the near-term appetite. On the positive side, higher prices for Ferro Alloy products (especially Ferro Molybdenum, Ferro Chrome, and Ferro Silicon) kept prices supported with very little potential for large correction. The market has been balanced but cautious, with slow import volumes, clearance of previously held up shipments from Malaysia, and a selective demand for flat and long products.

Outlook:

In the near-term, stainless-steel prices are expected to remain stable with slight upward pressure, assuming that alloy prices remain high over the short term. However, higher prices may be limited if downstream demand remains uneven and nickel price volatility continues. Positive news around the India/US and India/EU trade agreement negotiations could enhance buyer sentiment and positively impact flat steel demand, particularly as it relates to pipe and tube products. Improvements in early export inquiries, as well as global mill price increases, may continue to provide some level of support, but achieving sustained momentum will depend on boththe  recovery of demand and price stability for raw materials.