India’s stainless steel finished flats market moved in a narrow range this week. Prices of 304-series stayed flat, while 316-series tags gained due to stronger molybdenum costs. Mills are preparing for another price increase because of higher input costs.

BigMint assessed 304-series hot-rolled coils (HRCs) at Rs 190,000/tonne ex-Mumbai, stable week-on-week. Prices of 304L black round bars (25-100 mm) rose by Rs 2,000 to Rs 160,000/t. Meanwhile, 316-series HRCs stood at Rs 345,000/t and cold-rolled coils (CRCs) at Rs 350,000/t. Both gained Rs 5,000/t compared to last week.

A market participant said finished flats demand remained moderate. However, fabricators, pipes, and tubes buyers showed some activity. Sales of finished longs stayed low to moderate. Competitive semi-finished goods in the market limited buying interest.

Three-month nickel on the London Metal Exchange (LME) stood at US $15,265/t, up 0.8 per cent from last week. LME-registered nickel stocks increased by 3.8 per cent to 226,434 tonnes. Data showed nickel inventories surged in recent weeks. Stocks reached 226,400 tonnes on 16 September, the highest in four years. LME inventories jumped 96,000 t in 2024, with the biggest rise in February 2025. In just two weeks of September 2025, stocks added 17,000 tonnes.

In China, domestic stainless steel 304-grade CRCs traded at RMB 13,000-13,500/t (US $1,829-1,900/t) ex-works. Export FOB tags for 304-grade CRCs stood firm at US $1,900/t. Portside nickel pig iron (NPI) (8-12 per cent) stayed at RMB 954/t (US $134/t). Indonesian FOB NPI (12-14 per cent) stood at US $119/t.

Ferro molybdenum prices in India dropped Rs 56,000/t (US $638/t) week-on-week to Rs 3,110,000/t (US $35,418/t). Lower domestic enquiries and weaker LME futures dragged prices down. Indian high-carbon ferro chrome (HC60 per cent) prices rose by Rs 600/t to Rs 117,500/t (US $1,337/t). Ferro silicon (70 per cent) gained Rs 3,000/t to Rs 89,000/t (US $1,010/t) ex-Guwahati. In Bhutan, tags increased from Rs 2,400/t to Rs 88,400/t (US $1,003/t).

India’s imported scrap market remained sluggish. Containerised shredded held at US $360-365/t CFR Nhava Sheva, while HMS stayed at US $330-335/t. Mills avoided fresh bookings. A weak rupee, lower steel prices, and a US $15-20 bid-offer gap hurt buying.

Offers came from Bahrain at US $355/t against bids of US $340-345/t. UK HMS offers were at US $335/t against bids of US $320-325/t. Polish and Brazilian HMS tagged at US $335/t and US $340/t, respectively. Buyers preferred cheaper domestic scrap over imports. Seasonal slowdown and weak finished steel demand kept activity muted.

India’s stainless steel market could rise in the near term. Higher raw material costs and global cues support sentiment. Trading should improve next week as domestic demand looks strong.