India’s stainless-steel prices have moved higher on a w-o-w basis; the upward movement was primarily led by rising alloy input costs, particularly ferro molybdenum, even as demand stayed muted. The SS-304 HRCs have increased by ₹6,000/t to ₹198,000/t ex-Mumbai, while 316 HRCs increased by ₹5,000/t to ₹348,000/t. A major domestic coil producer also implemented on 15 February for 304 grade coils by ₹2000/t, 316 grade coils by ₹4,000/t, and 400 series by ₹3,000/t, which was attributed to global raw material costs and molybdenum prices remaining high.

However, the buying activity was restrained by a large bid-offer gap on the market and continued volatility in nickel futures, with prices generally declining from $16,875/t about 5% per week for the last month, limiting aggressive buying, despite cost push factors continuing to exist.

Looking ahead, domestic stainless-steel prices are expected to remain stable in the short term due to continued pressure from the cost of alloys such as molybdenum; however, the extent of these increases will likely be limited due to low demand downstream and conservative inventory strategies being implemented by manufacturers. Market direction will hinge on stability in nickel prices, availability and pricing of molybdenum, and clearer export order flows. Until demand revives, price upside is likely to be gradual rather than sharp.