Stainless Steel News Today

India’s stainless steel market moved higher amid a sharp rise in LME nickel prices and tightening global alloy supply. While domestic demand from infrastructure, railways, and automotive sectors remains supportive, cautious buying sentiment and rising Chinese imports continue to pressure market activity. Stainless steel prices in India are expected to remain firm near term.

Sanctions on Iran's steel and petrochemical industries are projected to cause significant economic repercussions. This initial evaluation forecasts disruptions, job losses, GDP pressure, and inflation, straining the national budget and impacting related sectors.

China's May PP output is forecast to rise 6.89% MoM to 3.015 mln tonnes, with capacity utilization recovering to 65.94%. This signals a gradual supply recovery, despite high cost pressures impacting some production routes.

China's sulfuric acid prices hit a yearly high in May 2026, surging 80.57% year-on-year to Yuan 1,780-2,100/t. This sharp increase was driven by severe supply tightness caused by widespread plant maintenance.

UAE, the third-largest OPEC producer, exited OPEC+ on May 1, 2026, planning to ramp up production. This caused WTI crude to tumble below $100/barrel, signaling a major shift in global oil supply dynamics.

Iron ore futures rose after China's holiday, with Dalian up 2.33% to 812 yuan/ton and Singapore up 1.19% to $109.8/ton. Demand is expected to pick up due to construction and furnace restarts, despite high imports and weaker steel consumption.

India's steel output rose 5.8% to 14.09 MT in April 2026, driven by 8.1% demand growth. Finished steel production increased 3.4% to 13.05 MT. Prices recovered, and capacity expanded towards 300 MTPA, maintaining a positive outlook.

The Indian structural steel market is currently witnessing a phase of "Cautious Stability." While demand remains anchored by government infrastructure projects, price consolidation is the dominant theme. Integrated players are maintaining firm rates due to coking coal costs, while secondary producers in regional hubs offer competitive arbitrage opportunities for bulk procurement.

India's DGTR proposes reducing anti-dumping duties on metallurgical coking coal imports. Duties for Indonesia drop from $82.75/ton to $67.50/ton, and Japan from $60.87/ton to $42.95/ton, effective until June 30. This follows findings of dumping impact.

RINL Vizag Steel successfully auctioned 840 t of crude coal tar at INR 51,000/t after a strategic price reset. A previous auction failed at INR 57,000/t, leading to rescheduling and a successful sale.