India’s stainless steel (SS) finished flats and longs prices stayed unchanged this week as trading activity remained dull, especially in the longs segment. BigMint assessed 304-series hot rolled coils (HRCs) at Rs 1,92,000 per tonne ex-Mumbai, unchanged week-on-week. Prices of 304L black round bars (25-100 mm) also held steady at Rs 1,60,000 per tonne. Similarly, 316-series hot rolled coils stood firm at Rs 3,45,000 per tonne, while cold rolled coils (CRCs) remained at Rs 3,51,000 per tonne.
The Ministry of Steel has allowed a temporary exemption from mandatory BIS certification for stainless steel flat products under IS 6911, IS 5522, and IS 15997 until 31 December 2025. The ministry issued this decision on 6 October 2025 to ease import disruptions and address limited domestic supply, especially in the 200 and 300 series grades.
Demand stayed weak across the market. Traders expect stainless steel flats prices to stay stable, giving slight relief to importers sourcing from BIS-approved firms. However, they remain cautious about a possible price correction as imports rise. Prices could drop slightly by Rs 2,000-3,000 per tonne this week as supply improves and sentiment stays soft.
The finished longs segment has underperformed this year as exports stayed weak. Yet, domestic demand has improved in recent weeks due to seasonal restocking and project buying before the Diwali festive period.
Taiwan’s stainless steel export offers rose sharply during China’s National Day holiday, lifting Asian CRC prices. With China’s market closed, Taiwan took advantage of the opportunity. However, overall demand across Asia stayed subdued as buyers limited purchases to immediate needs. China’s nickel pig iron prices also stayed firm, supported by steady raw material costs. Market participants expect global stainless steel prices to remain volatile amid weak downstream demand.
Indicative FOB prices for stainless steel longs showed India’s 304 bright bars at US $2,050-2,100 per tonne and 316 bright bars at US $3,600-3,650 per tonne. Vietnam’s 304 bright bars stood at US $1,880-1,950 per tonne, while 316 bright bars were at US $3,440-3,450 per tonne. In Europe, domestic stainless steel 304 bright bars were heard at US $2,800-2,850 per tonne, and 316 bright bars at US $4,000-4,300 per tonne.
Three-month nickel prices on the London Metal Exchange (LME) stood at US $15,355 per tonne, up by US $120 from last week. Nickel stocks at LME-registered warehouses increased by 0.5 per cent to 2,31,630 tonnes.
In India, ferro molybdenum prices slipped slightly by Rs 36,000 per tonne to Rs 30,32,000 per tonne on 8 October. Ferro chrome (HC-60 per cent) prices dropped by Rs 200 per tonne to Rs 1,18,500 per tonne ex-Jajpur. Ferro silicon (70 per cent) prices fell by Rs 1,300 per tonne to Rs 87,000 per tonne ex-Guwahati, following Bhutan’s October offer levels.
India’s imported ferrous scrap market also stayed muted. Shredded scrap offers stood around US $360 per tonne CFR, while HMS 80:20 traded near US $330-335 per tonne. Domestic scrap remained cheaper by Rs 1,500-1,800 per tonne, further weighing on sentiment.
Market activity is expected to slow further ahead of the festive season. Traders foresee limited movement in prices until post-festival demand picks up. Overall, the outlook remains stable but cautious.
