Stainless Steel News Today

India’s stainless steel market shows a striking divergence as of late May 2026. While sluggish downstream demand has dragged 304-grade prices down, tight supply and surging molybdenum costs have pushed 316-grade prices higher. Meanwhile, a 7% projected rise in FY26 scrap imports highlights a massive industry shift toward scrap-based melting.

Chennai's 3.2-km Anna Salai flyover, over two-thirds complete, targets September 2026 operation. Despite technical challenges and past delays, work accelerates to ease chronic congestion, though experts urge integrated urban planning.

India's steel ministry seeks withdrawal of AD duty on met coke due to tight domestic supplies, higher prices, and a 20% rise in input costs for steel mills. Domestic producers can't meet demand.

JSW Group plans a 25 million tonne integrated steel plant in Gadchiroli, Maharashtra, leveraging iron ore proximity and improved security. Chairman Sajjan Jindal foresees continued capex momentum and highlights JSW's electric mobility and battery manufacturing initiatives.

BigMint's coking coal index rose $2 w-o-w to $268/tonne CNF Paradip on May 22, 2026. This occurred despite falling Australia-India vessel freights and declining Indian steel prices. No uptrend is expected.

Hebei's trade with ASEAN surged 38.7% to RMB 28.9 billion ($4.2 billion) in four months, making ASEAN its largest partner. Steel product exports to ASEAN soared 1.3-fold to RMB 3.77 billion ($0.55 billion), driven by policy adaptation and infrastructure demand.

India and six nations flagged UK's new steel import curbs at WTO, reducing tariff-free quotas by 60% from July 1, with a 50% tariff on excess. This delays the India-UK trade pact, seeking "least trade-restrictive" solutions.

Indian flat steel markets remained largely stable this week as cautious procurement activity balanced firm mill pricing. HRC, CRC, HR Plates, and MS Flats prices held steady across major regions despite subdued downstream demand. Export activity to the Middle East and Vietnam improved, while rising freight costs, safeguard uncertainty in Europe, and controlled inventory levels continued influencing procurement strategies and trade sentiment.

The Automotive Steel Market, valued at USD 31.93 billion in 2025, is projected to reach USD 77.96 billion by 2032 with a 13.6% CAGR. Driven by the EV revolution and lightweight mobility, demand for advanced steel in battery enclosures and structural components is surging globally.

April galvanized sheet exports hit 1.1761 million mt, up 1.65% MoM but down 8.84% YoY. Cumulative exports fell 5.35%. May's outlook is negative due to unrecovered Middle East orders, rainy season, and low exchange rates.