India: Stainless steel prices remain rangebound w-o-w amid subdued demand
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- SS finished prices largely stable on need-based buying
- Major coil maker hikes SS 200-series coil prices
- BigMint launches 5 new assessments for SS longs
Indian stainless steel finished product prices stayed range-bound, with a slight dip seen over the week, driven by need-based buying and continued weak demand.
Additionally, one of India's leading stainless steel coil manufacturers increased prices of 200-series coils. Market sources attribute the price hike to a drop in imports and increased production costs. This price revision, effective 13 November, marks the company's second adjustment this month. Prices of CRCs were up by INR 2,000/t ($23/t) and HRCs by INR 4,000/t ($47/t).
LME nickel prices drop amid rising stocks
At the time of reporting, three-month LME nickel prices were at $15,865/t, marking a 2% decrease from the previous week's $16,135/t. Meanwhile, nickel stocks in LME-registered warehouses rose 3% w-o-w to 150,840 t from 147,084 t the previous week.
New assessment announcement
BigMint has launched five new pricing assessments for stainless steel long products in the Mumbai market, covering 304L and 316L black and bright bars (25-100 mm) and 304 wire rod (5-16 mm) in accordance with market feedback. India's stainless steel market has a melt capacity of 7.5-7.7 mnt annually, with 2.1 mnt dedicated to long products. Major production is concentrated in Gujarat, Maharashtra, and Odisha. India exports 0.4 mnt of long products annually, with key markets including Germany, Italy, and Turkiye.
Finished longs prices maintain stability
BigMint's benchmark assessments for stainless steel 304L (25 to 100 mm) black round bars were at INR 186,000/t, ex-Mumbai
Meanwhile, SS 316L black round bars were at INR 294,000-296,000/t, ex-Mumbai. Price levels for SS 316L bright bars stood between INR 305,000-306,000/t, ex-Mumbai.
Market participants stated that "The price stability was primarily driven by weak demand and buying based on immediate needs."
SS 304 wire rods (5-16 mm) in Mumbai were reported at INR 166,000-167,000/t, according to BigMint.
Domestic finished flats prices steady
BigMint's benchmark assessments for stainless steel (304 series) HRC stood at INR 179,000/tonne (t) ex-Mumbai.
In the domestic finished flats segment, prices were largely stable this week. According to BigMint's assessment SS316 HRC was at INR 321,000-323,000/t ex-Mumbai.
A trader source stated, "Despite last week's price reduction by major coil manufacturers, market buying interest remained subdued due to weak demand for finished products. Today, however, leading coil makers have raised prices for 200-series coils, driven by falling imports and rising production costs. Yet, demand continues to be weak, and buyers have not yet adjusted to the price increase. Additionally, market activity remains slow, partly due to ongoing regional festivities."
Semi-finished prices remain unchanged
Indicative prices for stainless steel semis were at similar levels to last week: SS 304 billets (15 x 15) were priced at INR 163,000-165,000/t ex-Ghaziabad for AOD and INR 145,000-147,000/t for the induction grade.
SS 304 ingots stood at INR 122,000-124,000/t, while SS 316 was at INR 218,000-220,000/t, both ex-Delhi.
Meanwhile, the prices of imported SS 304 ingots and billets from Vietnam remained stable with SS 304 ingots was reported at $1,553-1,550/t, while SS 316 ingots were priced at $2,650-2,670/t CFR Mundra.
Chinese market steady
In China, domestic stainless steel prices for 304-grade CRCs stood at RMB 14,400/t ($1,996/t) exw, down by RMB 50/t ($7/t) w-o-w, while FOB prices of 304-grade CRCs were at $2,081/t.
Raw materials scenario
- Ferro molybdenum: Ferro molybdenum prices in India were INR 2,571,000/t ($30,462/t) exw on a 60% pro rata basis, as per BigMint's assessment on 13 November.
- Ferro chrome: Indian ferro chrome prices (HC, FeCr60%) stood at INR 108,900/t exw-Jajpur, down 1% w-o-w.
Outlook
Stainless steel prices are likely to experience a slight decline in the short term, driven by falling LME nickel prices. Domestic trading activity is expected to remain subdued, with market participants anticipating low to moderate engagement.
