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India’s stainless steel finished flats prices stayed firm last week as rising input costs offset weak demand. Global producers announced mixed alloy surcharge changes for October 2025 deliveries.

Acerinox reduced surcharges on 304 and 430 grades but increased 316L and 201 series. Meanwhile, Aperam raised surcharges on key stainless steel grades, with a modest hike in 304 and a sharper rise in 316L. Its flat stainless capacity stands at 2.5 million tonnes annually. Outokumpu also raised surcharges for 304 and 316L but cut 430. Its melt capacity totals 2.55 million tonnes.

In India, BigMint assessed 304-series hot rolled coils at Rs 192,000 per tonne ex-Mumbai, up Rs 2,000. Prices of 304L black round bars (25-100mm) stood steady at Rs 160,000 per tonne. In contrast, 316-series hot rolled coils held at Rs 345,000 per tonne, while cold-rolled coils stayed at Rs 350,000 per tonne. A market participant said demand remained sluggish and US tariffs had little effect. Another mill official noted that the finished longs market stayed quiet as producers cut output to match weak activity. Exports also failed to provide support, leaving buyers cautious.

At the London Metal Exchange, three-month nickel traded at US $15,275 per tonne, nearly unchanged from last week. Nickel stocks at LME warehouses rose 1.8 per cent to 230,454 tonnes. In China, domestic 304-grade cold-rolled coils ranged between RMB 13,500-13,900 per tonne (US $1,892-1,948) ex-works. FOB tags held at US $1,930. Nickel pig iron prices also stayed firm. Portside NPI (8-12 per cent) stood at RMB 955 per tonne (US $133), while Indonesian FOB NPI (12-14 per cent) held at US $118.

Stainless prices are likely to rise as nickel stabilises around US $15,000 per tonne ahead of the peak season. Tsingshan has already lifted export prices, boosting sentiment across Asia. Moreover, Indonesia has tightened control over production permits, which could restrict supply. Speculative funds may push nickel higher, raising stainless costs. However, demand from appliances and machinery stays firm. In China, stainless consumption jumped 8.73 per cent in August, showing recovery momentum. Analysts expect the global stainless market to grow at 9.6 per cent annually through 2031, supported by policies and new technologies.

Ferro molybdenum prices in India dropped Rs 26,000 per tonne (US $293) due to weaker global trends and low demand. As of 24 September, BigMint pegged prices at Rs 3,084,000 per tonne (US $34,744) ex-India. Ferro chrome prices gained Rs 1,500 per tonne to Rs 119,300 (US $1,344) ex-Jajpur. At OMC’s auction, buyers purchased 1,650 tonnes from a 3,300-tonne offer at a base of Rs 117,500 per tonne. Vedanta-FACOR plans another auction on 24 September for high-carbon chrome chips. Ferro silicon (70 per cent) prices slipped slightly by Rs 600 per tonne to Rs 88,400 (US $996) ex-Guwahati. Bhutan’s market stayed unchanged.

Meanwhile, India’s imported scrap market stayed weak. Offers for shredded scrap stood at US $360-365 per tonne, while bids hovered around US $350-355. Domestic mills preferred cheaper DRI and HMS, reducing import demand. Analysts expect stainless steel prices to edge up in the near term. Currency swings and rising raw material costs will drive the trend.