The stainless-steel prices in India continue to decline owing to increased imports and lacklustre domestic demand levels. Major mills have lowered their prices for 300-series coil, dropping prices for 304-grade coils by ₹6,000/t and for 316-grade coils by ₹9,000/t, as demand remained muted and inventories were at excess levels. Prices were assessed at ₹184,000/t for 304 HRC and ₹340,000/t for 316 HRC; both price levels were down on a week-on-week basis. Some traders have mentioned that the oversupply continued to encourage weakness in pricing, reflecting modest demand resurgence, and the rapid price declines or further declines were exacerbated by a temporary relaxation of the BIS, allowing for imports from Malaysia and Vietnam with non-compliant specifications. The automotive sector and infrastructure sector have begun to show some slight signs of recovery; nevertheless, slower activity in general continues to weigh on fabricating and construction demand.

Outlook:

The stainless-steel market is anticipated to continue to face pressure in the short term, owing to subdued demand, elevated inventory levels, and import arrivals during the month of December. Further downward pressure on domestic mill pricing may occur as global nickel prices are weaker and there is a steady supply from China. However, the market sentiments might become more stable in late December or early 2026 if infrastructure and automotive demand increase and the BIS relaxation expires, which would remove import competition. Moreover, currently, prices are expected to remain rangebound with a slight downward bias over the next several weeks.