en.Wedoany.com Reported - In the week ending June 3, 2026, the Indian stainless steel market remained sluggish overall, with weak downstream consumption and cautious purchasing activities pressuring both flat and long product segments. The inflow of domestic and export orders for mills slowed. Although rising nickel and alloy costs provided some price support, the lack of substantial demand recovery prevented producers from passing on input costs, leading to weakening market sentiment.
In flat products, according to BigMint assessments, prices fell week-on-week due to insufficient buying interest and slow offtake from downstream industries. 304 hot-rolled coil (HRC) was priced at around INR 220,000/tonne (ex-Mumbai), down INR 2,000/tonne week-on-week; 316 HRC prices dropped to INR 405,000/tonne (ex-Mumbai), down INR 3,000/tonne week-on-week. Import offers remained largely stable. Market sources reported that offers for 304 cold-rolled coil (CRC) from Vietnam were at $2,298-2,300/tonne (CFR India), while offers for 1250mm wide HRC were heard at $2,267-2,277/tonne (CFR India), and CRC offers at $2,319-2,350/tonne (CFR India). Globally, Tsingshan Holding Group of Indonesia raised its 304 stainless steel export prices by $40/tonne effective June 3, supported by uncertainties in the country's nickel industry, a transition period for metal export controls starting June 1, and LME nickel prices breaking above the $19,000/tonne mark, strengthening the cost base.
The long products market showed divergent trends. According to BigMint benchmark prices, 304L black bar prices fell by INR 5,000/tonne to INR 195,000/tonne (ex-Mumbai); while 316L black bar prices rose by INR 5,000/tonne to INR 347,000/tonne (ex-Mumbai), supported by higher molybdenum costs. In the export market, offers for 304 bright bars were at $2,350-2,375/tonne (FOB Nhava Sheva), and 316 bright bars at $4,150-4,175/tonne (FOB). For comparison, European domestic prices were assessed at $3,500-3,550/tonne for 304 bright bars and around $5,100/tonne for 316 bright bars.
Looking ahead, the Indian stainless steel market is expected to remain subdued in the near term. Although high nickel prices, firm freight rates, and global pricing provide a floor, weak downstream demand and cautious purchasing activities will limit any significant upside for domestic stainless steel prices.
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