India: Stainless steel prices hit 3-m low amid weak demand, liquidity crunch

Stainless steel prices in India have experienced a three-month low. This trend can be primarily attributed to several factors, including a decrease in raw material prices, weakened demand, and a continuous drop in LME nickel prices.

As per SteelMint assessments, 304-HRC is currently priced at INR 198,000-200,000/t ($2,377-2,401/t), falling by INR 1,000/t ($12/t) while 304-grade scrap prices are in the range of INR 118,000-119,000/t ($1,417-1,429/t) exw-Mumbai. As per market participants, imported 304 HRC from POSCO is available at a price of INR 185,000-186,000/t which is around