India’s stainless steel space moved cautiously during the week ended 24 December. Activity slowed as the year drew to a close. At the same time, global cost pressures offered some relief to flat products. However, weak domestic consumption continued to affect the longs segment.

Overall sentiment stayed balanced, with only a slight improvement in enquiries. Still, buyers avoided large commitments. As a result, trading volumes remained low. Mills also stayed restrained, as downstream demand showed no clear revival.

Globally, developments influenced expectations rather than transactions. China announced a new export licensing system for stainless steel products. Therefore, market participants anticipated tighter low-priced exports from January 2026. This expectation helped stabilise prices across parts of Asia.

In addition, Indonesia-based Tsingshan Steel raised export prices for 304-grade hot-rolled coils. The producer implemented two increases of US $30 per tonne last week. Consequently, total hikes since early December reached US $90 per tonne. Concerns over Indonesia’s nickel mining quotas and rising input costs supported this move.

According to BigMint, 304-grade HRC prices stood at Rs 182,000 per tonne ex-Mumbai, unchanged on the week. Meanwhile, 316-grade HRC settled at Rs 330,000 per tonne, down Rs 5,000. These movements reflected cost support rather than stronger demand.

The stainless steel longs segment continued to face pressure. Domestic consumption stayed weak across key user sectors. Therefore, mills prioritised inventory clearance instead of increasing production. This approach kept sentiment restrained.

BigMint assessed 304L black round bars at Rs 152,000 per tonne ex-Mumbai, down Rs 1,000 week-on-week. Meanwhile, 316L black round bars remained steady at Rs 268,000 per tonne. Buyers largely followed need-based purchasing patterns.

Export discussions also stayed limited due to holiday closures. Indicative offers for 304-grade bright bars ranged between US $2,050 and US $2,100 per tonne FOB. Meanwhile, 316-grade bright bars traded at US $3,550-3,570 per tonne. European prices stayed higher, although holiday slowdowns restricted activity.

Nickel prices moved sharply higher during the week. Three-month nickel on the London Metal Exchange stood at US $15,785 per tonne. This marked a near nine per cent rise week-on-week. Supply concerns from Indonesia and a weaker US dollar supported the move.

Nickel inventories at LME warehouses stood at 254,604 tonnes. Stock levels remained broadly stable compared with the previous week. This balance kept volatility driven mainly by expectations rather than physical shortages.

In China, domestic 304-grade CRC prices stood at RMB 13,300 per tonne ex-works. Meanwhile, FOB prices remained firm at US $1,880 per tonne. Indonesian nickel pig iron prices also held steady, with eight to twelve per cent NPI at US $112 per tonne.

Raw material markets showed mixed trends. Ferro molybdenum prices in India edged up by Rs 18,000 to Rs 2,662,000 per tonne ex-works. Sellers stayed firm, although buyers remained cautious. Ferro chrome prices stayed unchanged, while ferro silicon prices softened slightly.

Imported ferrous scrap demand remained muted in India. Mills avoided fresh bookings due to weak margins. Therefore, offers stayed largely stable amid thin trading volumes.

Looking ahead, stainless steel prices may see gradual firmness after the New Year. Global cost pressures could provide support. However, weak domestic demand may continue to limit any strong recovery, especially in the longs segment.