en.Wedoany.com Reported - As of the week ending June 24, 2026, the Indian stainless steel market remained sluggish. Weak downstream demand, falling nickel prices, and global uncertainties dampened market sentiment, with participants generally cautious. Mills focused on executing existing orders, while new order activity was limited, and buyers tended to defer purchases, anticipating further price corrections.
The flat products segment continued to face pressure due to subdued demand from key consuming industries. Spot transactions were limited, with buyers purchasing only on a need basis. Import activity remained largely unviable due to high freight costs, reducing the competitiveness of overseas materials. Overall trading activity was slow, with expectations of further domestic price cuts keeping buyers on the sidelines. According to BigMint assessments, 304 grade hot-rolled coil (HRC) prices fell by INR 3,000/tonne week-on-week to INR 215,000/tonne ex-Mumbai, while 316 grade HRC prices remained stable at INR 398,000/tonne ex-Mumbai due to softer molybdenum costs.
The stainless steel long products segment showed a downward trend this week. Weak consumption and falling nickel prices prompted suppliers to offer significant discounts to secure orders, with inquiries mostly for small volumes, reflecting cautious purchasing sentiment. BigMint's benchmark 304L black bar prices fell by INR 4,000/tonne to INR 190,000/tonne ex-Mumbai, while 316L black bar prices were reported at INR 345,000/tonne ex-Mumbai, down INR 5,000/tonne. Export activity was weak due to geopolitical tensions in the Gulf region affecting buying interest and trading confidence, with indicative export offers for 304 bright bars heard at $2,350-2,370/tonne FOB India and 316 bright bars at $4,150-4,180/tonne FOB India.
On the raw material front, nickel price volatility and declining molybdenum costs continued to impact the market.
In the short term, the Indian stainless steel market is expected to remain sluggish, with weak downstream demand, ample inventories, and cautious purchasing activity continuing to weigh on market sentiment. Market participants anticipate further price declines, and with falling molybdenum costs, nickel price volatility, and an unclear market direction, most buyers are adopting a wait-and-see approach.
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