[SMM Stainless Srteel Flash] India's Stainless Steel Prices Rise on Tight Supply and Higher Raw Material Costs

Published: Aug 20, 2026 13:51

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India's stainless steel finished market posted broad gains in the week. In flat products, major mills revoked discounts: 304 HR coils rose INR 1,000/t WoW to INR 219,000/t exw-Mumbai, while 316 HR coils gained INR 3,000/t to INR 418,000/t on firm ferro molybdenum costs. In longs, pre-festive season restocking gradually lifted enquiries, with 304 black bars holding at INR 195,000/t and 316 black bars up INR 2,000/t to INR 352,000/t exw-Mumbai. Export activity stayed muted amid ongoing European and Middle Eastern uncertainties, with 304 bright bar export offers at USD2,350/t FOB Nhava Sheva and 316 at USD4,150/t, both flat WoW. Tight domestic scrap availability and uncompetitive imported scrap on elevated freight costs continued to underpin the market floor.

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