India’s domestic stainless steel market stayed quiet this week as weak demand and uncertainty kept trade muted. Finished flat prices held steady, while traders waited for clarity on import policy expected in mid-November.

BigMint assessed stainless steel (304 series) hot-rolled coils (HRCs) at Rs 1,84,000 per tonne ex-Mumbai, unchanged week-on-week. Market activity stayed slow, and prices moved within a narrow range. Traders said they were waiting for the upcoming BIS compliance policy, which could guide future imports and pricing trends.

A market source said Chinese imports might return under BIS compliance since Chinese offers remain 15-20 per cent cheaper than other origins. Imports from Vietnam and Thailand continue to dominate, with Vietnamese 304 cold-rolled (CR) at US $1,920-1,940 per tonne, JT CR at about US $1,200 per tonne, and Thailand 304 CR at US $1,920-1,930 per tonne.

Another trader said demand for the 300 series has weakened, and trade-level prices are slowly declining. Even though supply is not excessive, poor downstream activity and cautious buying are limiting fresh imports.

India’s stainless steel sector faces pressure from cheaper imports despite steady domestic demand. Imports from China, Vietnam, and Indonesia are priced 5-10 per cent below domestic rates. This competition has hurt local producers, who have sought anti-dumping duties. The Directorate General of Trade Remedies (DGTR) is investigating the issue, and the industry hopes for fairer market conditions soon.

BigMint assessed stainless steel 304L (25-100 mm) black round bars at Rs 1,56,000 per tonne ex-Mumbai. SS 316L black round bars were at Rs 2,76,000 per tonne, both unchanged week-on-week.

A mill official said the market remains sluggish, which is usual for December. He added that most producers are now focusing on export orders rather than new domestic sales.

Indicative FOB prices for Indian stainless steel longs were US $2,200-2,220 per tonne for 304 bright bars and US $3,700-3,730 per tonne for 316 bright bars from Nhava Sheva. Traders expect some price correction soon, although falling molybdenum costs have slightly reduced input pressure.

Three-month nickel prices on the London Metal Exchange (LME) stood at US $15,005 per tonne, almost unchanged from last week’s US $15,100 per tonne. Nickel stocks at LME warehouses remained steady at around 253,000 tonnes.

In China, domestic 304-grade cold-rolled coil (CRC) prices stood at RMB 13,400 per tonne (US $1,882 per tonne). FOB prices were firm at US $1,870 per tonne. Portside nickel pig iron (NPI) prices (8-12 per cent) stood at RMB 909 per tonne (US $127 per tonne), while Indonesian FOB NPI (10-14 per cent) was at US $113.51 per tonne.

Indian ferro molybdenum prices dropped by Rs 1,65,000 per tonne compared to 5th November. BigMint assessed prices on 12 November at Rs 27,75,000 per tonne (US $31,330 per tonne) ex-works, marking a four-month low due to weak demand and global price falls.

Indian high-carbon ferro chrome (HC60 per cent) prices slipped by Rs 1,500 per tonne week-on-week to Rs 1,16,500 per tonne ex-works Jajpur.

Prices for Indian ferro silicon (70 per cent) rose by Rs 1,500 per tonne to Rs 89,500 per tonne (US $1,009 per tonne) ex-works Guwahati. Bhutanese prices also climbed by Rs 1,000 per tonne week-on-week to Rs 89,000 per tonne (US $1,003 per tonne). Sellers raised offers due to tight supply and active trading.

India’s imported ferrous scrap market remained weak as mills cut bookings amid poor demand and tight cash flow. Shredded scrap offers hovered at US $350-355 per tonne and HMS 80:20 at US $325-330 per tonne CFR Chennai. However, workable levels were closer to US $315-320 per tonne.

Market sentiment is likely to stay cautious in the near term. Buyers expect limited recovery until the government announces policy clarity. Sufficient inventories, import competition, and sluggish downstream demand will continue to weigh on prices.