Stainless Steel News Today

Stainless steel prices in India remained firm, with the 300 series supported by higher global sentiment and supply tightness. The 200 series continued to witness strong demand due to limited imports, while 400 series consumption improved. Market participants are monitoring Chinese material availability and global developments for future price direction.

India targets 300 MT steel by 2030, with 46% private contribution. Facing 30% rise in Chinese steel imports, minister urges safeguards. PM's Australia trip aims to ease 80% coking coal and iron ore imports, boosting domestic production.

India extended anti-dumping duty on seamless pipes from China until Jan 2027, ranging $961.33-$1,610.67 per tonne. This protects domestic industry against dumped imports, covering HS code 7304 steel products.

Berry Alloys secured 93 acres in Andhra Pradesh for a Rs 1,200-crore integrated manganese and steel complex. This project will create 813 jobs, producing 0.5 MT manganese sinter, 330,000 tonnes DRI, and 60,000 tonnes carbon paste, boosting the state's metals sector.

Global scrap market remains volatile as Turkish demand weakens, impacting European exports. India's scrap imports dropped 46% to 1.240 million mt in Q1 2026, favoring iron ore due to weak demand and narrow margins.

Steel firms anticipate weaker Q1 margin recovery despite higher prices. Elevated coking coal, freight, and operating costs are offsetting benefits, capping expected gains for the sector.

US oil and gas OCTG pipe prices stabilized at $2,563/t in June after a $289/t jump. US drilling rigs increased to 573, with US Steel investing $475 million in pipe capacity. Turkish welded pipe prices saw a slight rise.

Weak steel demand pressured coal markets, causing imported thermal coal, PHCC, and some met coke prices to decline. Indonesian 5,000 GAR fell INR 400/t, South African RB3 dropped INR 550/t. Petcoke became competitive, while domestic coal remained stable.

China's PP market faces significant oversupply in H2 with 3.80 million t/y new capacity coming online. This, combined with unit restarts and seasonal demand lull, will exacerbate risks.

Taiwan's iron and steel exports decreased 8.1% to $6.91 billion in Jan-Jun. June exports were down 11.1% to $1.06 billion. Imports in June rose 22.2% to $1.15 billion.