India’s stainless-steel market showed mixed pricing trends. In flats, 304 HRC declined by ₹3,000/t w-o-w to around ₹195,000/t ex-Mumbai due to weak spot demand and buyer resistance to mill hikes, while 316 HRC remained steady at ₹348,000/t. On the other hand, 304L black bars held at ₹165,000/t, whereas 316L black bars rose by ₹5,000/t to ₹290,000/t. Along with it, the export bright bars also increased, with 304L at $2,150/t (+$50/t) and 316L at $3,670/t (+$70/t) FOB Nhava Sheva. Price support stemmed from higher global alloy surcharges announced by European majors such as Aperam, Outokumpu, and Acerinox, reflecting elevated nickel and molybdenum costs.

Outlook:

Domestic stainless-steel prices are expected to remain supported by alloy cost pressure and global surcharge strength. Yet, weak downstream demand, financial year-end liquidity tightness, and export uncertainty, particularly linked to Europe’s CBAM framework, may cap significant gains.  Moreover, proper clarity will depend on raw material stability and improvement in buying activity.

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