Rising Costs and Supply Deficit Drive High-Grade NPI Prices Up, Further Increases Expected Amid Loss Pressures

In 2025, the sulfur market experienced wild swings under the dual impact of multiple supply-side contractions and the rapid release of demand from the new energy sector, with prices rising by more than 200 over the year. Looking ahead to 2026, the tight supply-demand landscape is expected to persist.

India’s stainless steel sector is grappling with a significant imbalance between domestic capacity and the surging demand for high-quality materials. Despite robust growth in infrastructure and construction, local production struggles to keep pace, while low-priced imports continue to hinder the full utilization of domestic facilities. To address these gaps, industry players are focusing on strengthening local scrap recycling systems and enhancing technical capabilities to meet international standards. Balancing domestic output with consumption remains a critical priority for the long-term stability of India's stainless steel value chain.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Mar , 2026