India’s stainless steel finished flats prices increased this week as higher raw material costs and price hikes from producers lent support. Meanwhile, finished longs prices inched up even though overall market sentiment stayed weak.

BigMint assessed 304-series hot-rolled coils (HRCs) at Rs 190,000/tonne ex-Mumbai, up Rs 500/tonne week-on-week. Prices of 304L black round bars (25-100 mm) rose Rs 1,000/tonne to Rs 158,000/tonne.

In the 316 series, HRCs stood at Rs 338,000/tonne, up Rs 2,000/tonne. Cold-rolled coils (CRCs) gained Rs 4,000/tonne to Rs 342,000/tonne.

From 3rd September, India’s leading stainless steel coil maker raised prices again. The company lifted 304-grade tags by Rs 5,000/tonne (US $56/tonne). It increased 316L by Rs 8,000/tonne (US $90/tonne). Prices of 202 rose Rs 4,000/tonne (US $45/tonne), while the 400 series gained Rs 3,000/tonne (US $34/tonne). The company had hiked coil tags by as much as Rs 12,000/tonne on 20 August.

Imports stayed thin this week. A Mumbai trader said finished flats imports remained stalled since BIS certification is mandatory. Domestic flats prices are rising on higher raw material costs, but demand remains bearish. Another source said Chinese imports were 15-20 per cent cheaper than local tags but faced restrictions. Vietnam’s cold-rolled products were ten per cent costlier than the Chinese supply.

Globally, stainless steel prices strengthened as molybdenum costs rose. The sharpest increases came in 316-grade material. However, demand for finished longs stayed weak due to the monsoon. Traders expect improvement once rains ease.

On the London Metal Exchange (LME), three-month nickel prices stood at US $15,285/tonne, up 0.7 per cent from last week’s US $15,170/tonne. Nickel stocks at LME warehouses totalled 210,234 tonnes, up 0.5 per cent week-on-week.

In China, 304-grade CRCs traded steady at RMB 12,800-12,900/tonne (US $1,793-1,807/tonne) ex-works. Export offers for CRCs stood firm at US $1,900/tonne FOB. Nickel pig iron (NPI) prices at Chinese ports held at RMB 944/tonne (US $132/tonne). Indonesian FOB tags for NPI (12-14 per cent) were at US $117/tonne.

Ferro molybdenum prices in India held steady at Rs 3,100,000/tonne (US $35,205/tonne) ex-works. Ferro silicon (70 per cent) prices fell by Rs 400/tonne (US $5/tonne) to Rs 91,200/tonne ex-Guwahati. In Bhutan, prices slipped by Rs 900/tonne (US $10/tonne) to Rs 92,100/tonne. High-carbon ferro chrome (HC 60 per cent, Si: four per cent) gained Rs 4,200/tonne (US $47/tonne) to Rs 113,700/tonne ex-Jajpur.

India’s imported ferrous scrap market stayed weak. A strong dollar and muted sentiment kept buyers cautious. Heavy rains in northern India cut production by nearly 30 per cent, Chennai sources said.

Offers were heard at US $330-340/tonne CFR for HMS 80:20 West Africa, US $325-330/tonne CFR for UK HMS 80:20, and US $365/tonne CFR for UK/EU shredded. Yet tradable levels hovered at US $325-330/tonne CFR for HMS 80:20.

With the monsoon ending soon, traders expect stronger activity ahead. Still, market participants remain cautious about BIS certification hurdles.