Global Stainless Steel Prices Show Diverging Trends Across Key Markets in Q3 2026

Stainless steel prices followed contrasting trends across major markets in the third quarter of 2026, as changes in raw material costs, import restrictions and domestic demand influenced pricing decisions. According to Shanghai Metals Market (SMM), Indonesia, Europe, Malaysia, Taiwan and India experienced different cost-price dynamics, highlighting the growing influence of trade measures on the international stainless steel market.

Europe recorded a decline in its 304 stainless steel alloy surcharge even as landed prices increased. Meanwhile, Indonesia’s nickel pig iron (NPI) prices fell, but integrated mills experienced only a modest reduction in production costs. India was the only market among those reviewed where raw material costs and finished steel prices moved broadly in the same direction.

European Stainless Steel Prices Rise Despite Lower Surcharges

Europe experienced one of the quarter’s most notable pricing divergences. Outokumpu’s 304 stainless steel alloy surcharge declined from €2,346 per tonne in July to €2,188 per tonne for October, despite an increase in landed prices. per tonne in July 

The monthly average price of CIF Belgium 304/2B coil, mill edge, rose from US2,626.80pertonneinJulytoUS2,705.70 per tonne in September. Prices reached US$2,740 per tonne at the end of the quarter.

According to SMM, import quotas and duties played a significant role in this divergence. During the quarter, quota utilisation accelerated under the European Union’s revised steel import regime, limiting the availability of certain imported stainless steel products.

The EU also initiated additional trade defence reviews concerning cold-rolled stainless steel products from China, Taiwan, India and Indonesia. New melt-and-pour documentation requirements took effect on 1 October, adding another compliance requirement for incoming shipments.

These developments suggest that European landed prices are increasingly influenced by import access and regulatory requirements, rather than raw material costs alone.

Indonesia’s NPI Decline Has Limited Impact on Production Costs

In Indonesia, the FOB index for nickel pig iron fell 8.2% during Q3, closing the quarter at US$134.70 per nickel point. However, the decline did not translate into an equivalent reduction in stainless steel production costs.

SMM estimated that the full cost of Indonesian 304 hot-rolled coil decreased from US1,887.20pertonneatthebeginningofthequartertoUS1,854.80 per tonne at the end, a reduction of just 1.7%. The limited impact reflects the integrated production structure of Indonesian mills, which produce a substantial share of their own NPI and therefore have less exposure to changes in merchant-market prices.

Meanwhile, Indonesian 304/No. 1 coil FOB prices ended the quarter at US2,032.50pertonne,onlyUS5 lower than their opening level. Profit margins fluctuated during the quarter as mills adjusted prices in response to market conditions.

Malaysia and Taiwan Face Pressure from Diverging Prices

Malaysia experienced rising raw material costs without a corresponding increase in domestic stainless steel prices. The price of 304 stainless steel scrap rose 10.4%, from US1,300toUS1,435 per tonne between the beginning of the quarter and mid-September. Over the same period, local 304/2B coil prices increased only marginally, from MYR9,275 to MYR9,300 per tonne.

SMM attributed the gap partly to subdued domestic purchasing and competition from imported material, including Vietnamese cold-rolled coil offered at prices below Indonesian supplies. Malaysia also initiated an anti-dumping investigation into Indonesian cold-rolled stainless steel in September.

In Taiwan, mills increased list prices in August and September, but spot-market transactions failed to follow. The spot price range for 304 cold-rolled coil declined from TWD74,000–77,000 per tonne in early July to TWD69,300–72,500 per tonne in early September.

The divergence reflected the difference between mills’ pricing intentions and the prices distributors and end-users were willing to pay.

India Records a More Direct Cost-Price Relationship

India stood out as the only market in SMM’s review where raw material costs and finished steel prices moved broadly together.

Between 20 August and 24 September, Mumbai ex-works prices for 316 hot-rolled coil increased from INR418,000 to INR440,000 per tonne. Prices for 304 hot-rolled coil rose from INR219,000 to INR222,000 per tonne.

Higher ferromolybdenum prices supported the increase in 316 stainless steel, while scrap prices influenced the more modest movement in 304. SMM attributed India’s ability to pass on higher costs to steady domestic demand and limited import pressure during the quarter.

Q4 Outlook: Trade Measures Remain Central

Looking ahead, SMM expects pricing movements in Q4 to depend on how individual markets respond to trade restrictions, import quotas, raw material availability and demand.

In Europe, further quota utilisation could keep landed prices elevated relative to alloy surcharges. In Malaysia, the outcome of the anti-dumping investigation into Indonesian material could influence domestic cold-rolled coil prices. Taiwan’s pricing direction will depend partly on the outcome of its investigation into Vietnamese imports.

The Q3 review highlights a changing relationship between production costs and stainless steel prices. Across overseas markets, trade measures and purchasing conditions increasingly shaped price movements, making the fourth quarter dependent on developments beyond raw material costs alone.