The price of finished stainless steel in India has exhibited week-on-week stability after the Ministry of Steel lifted the mandatory BIS certification requirement for stainless-steel flat products until December 31, 2025. This measure is expected to alleviate supply chain-related issues regarding imports and enhance the overall availability of major stainless-steel grades, mainly products in the 200-series and 300-series categories. Current spot prices indicate that 304-series hot-rolled coils (HRC) remain priced steady at ₹192,000/tonne, ex-Mumbai, and 304L black round bars are holding steady at ₹160,000/tonne. Pricing for 316-series HRC and cold-rolled coils (CRC) remains unchanged, at ₹345,000/tonne and ₹351,000/tonne, respectively. The relatively relaxed import rules have not affected demand levels, nor have they impacted raw material pricing, which remains relatively unchanged, including nickel, ferro molybdenum, and ferro chrome. Upward and downward movement in pricing remains limited.

Outlook:

In the near term, stainless-steel prices are likely to trend sideways, gradually correcting, given the accelerating imports and improved supply situation. Weights in demand are still slumping in finished flats while the longs segment is experiencing some seasonal uptick in advance of Diwali, providing minimal support for domestic consumption. Given the upcoming festive season, the expectation is that trading activity will remain subdued and thus prices will remain in a narrow band. The market is cautiously optimistic as to whether demand post-Diwali will revive and push the future direction of stainless-steel pricing in India.