India’s stainless steel (SS) market remained largely inactive this week due to festivals, which slowed the trading activity. However, prices across major grades remained unchanged on a week-on-week basis, with 304-series hot-rolled coils (HRC) assessed at ₹190,000/t ex-Mumbai and 304L black round bars at ₹160,000/t. The price of 316-series HRC remained stable at ₹345,000/t, while cold rolled coils (CRC) continued to hold at ₹350,000/t.

The lack of interest was mainly due to market participants being kept out of the market due to a festive lull and subdued end-user demand. The Indian market, which is impacted by the effects of the global stainless-steel prices being flat, will have limited market support due to oversupply, increased inventories, and low consumption in China, further marginalizing buying interest by the market.

Outlook:

The market is likely to remain relatively weak throughout the Diwali period and settle back into a more structured market over time, post-holidays, and once restocking demand starts and returns to normal market operations.