India Stainless Steel Market– 200 Series Leads Growth, Prices Stay Firm Across Grades

Key Highlights

• Robust Domestic Demand: Stainless steel consumption rose 84% in 5 years, reaching 4.8 MT in FY25, driven by infra, rail, and construction sectors.
• 200 Series Outperforms: Limited imports and strong No.4 finish demand are pushing up the 200 series sales.
• Price Trends: 300 and 400 series prices remain stable to strong; 200 series gains expected to continue.
• Scrap & Raw Material Costing: Nickel is at $14,970/ton and Copper at $9,680/ton. Indian scrap purchase prices for 304 and 316L remain firm.

Current Stainless Steel & Raw Material Pricing

Nickel is currently priced at $14,970/ton and copper at $9,680/ton. The Indian Rupee opened against the US Dollar at ₹86.42.

In the domestic stainless steel market:

• SS 304 CR wider 2B is trading at ₹189–194/kg (basic), ex-Delhi. Narrow-width variants are cheaper by ₹8–10/kg, plus GST.
• SS 316L HR imported material is priced at ₹334/kg for wider HR. Domestic variants are costlier by ₹5/kg.
• SS 316L CR wider is ₹5/kg higher than HR.
• SS 201 imported CR 2B (especially low thickness like 0.26mm) is priced at ₹163–165/kg, ex-Delhi, plus GST.
• Domestic SS 201 is being sold at ₹138–142/kg (base price), with extra charges for thickness and GST.
• An additional charge of ₹4/kg applies for 1500mm width in the 300 series with N4 finish.

Indian flat stainless steel producers are currently procuring scrap after finished-goods processing at the following latest rates (plus GST):

• Grade 304: ₹1,27,886 per MT
• Grade 316L: ₹2,25,065 per MT
• J5 Patta: ₹72,000 per MT
• J8 Patta: ₹70,000 per MT
• Grade 430: ₹56,317 per MT

These prices reflect ongoing demand and market trends in stainless steel recycling.

Demand-Supply Snapshot: Series-Wise Market Sentiment

• Demand in the 300 series remains generally subdued; however, occasional material shortages are being reported, indicating uneven availability in the market. In contrast, the 400 series is witnessing a steady uptick in demand, driven by increasing industrial consumption.
• The 200 series continues to show strong demand momentum, primarily due to limited availability of imported material, which is keeping domestic interest buoyant. 
• Additionally, No.4 PVC-coated material in both the 200 and 300 series is experiencing sustained demand growth, a trend consistent over the past few months and in line with market expectations.

India’s Stainless Steel Consumption Growth: 5-Year View

• Domestic stainless steel consumption in India has surged by 84% over the past five years, reaching 4.80 million tonnes in FY 2024-25, according to the Indian Stainless Steel Development Association (ISSDA). 
• This growth has been primarily fueled by rising demand from key sectors such as infrastructure, railways, airports, and metro projects, ISSDA President Rajamani Krishnamurti highlighted during the Global Stainless Steel Expo (GSSE) 2025.
• In FY 2020-21, stainless steel consumption stood at 2.61 million tonnes. It increased to 3.46 million tonnes in FY 2021-22, reflecting a 33% year-on-year growth. This was followed by a 14% rise in FY 2022-23, reaching 3.94 million tonnes, and another 14% increase in FY 2023-24, pushing the total to 4.49 million tonnes. 
• By FY 2024-25, the consumption further climbed to 4.80 million tonnes. Alongside this, India’s per capita stainless steel usage also grew by 36%—from 2.5 kg in FY21 to 3.4 kg in FY25.

Steel Market News

• The Bokaro Steel Plant (BSL), under Steel Authority of India Limited (SAIL), has played a pivotal role in advancing India’s defence self-reliance by supplying special-grade steel for key naval projects. 
• Notably, SAIL provided the entire requirement of high-grade steel for the newly commissioned INS Arnala, India’s first indigenously designed Anti-Submarine Warfare Shallow Water Craft (ASW-SWC).
• India” initiative, emphasizing domestic manufacturing of critical materials for defence infrastructure. With this supply, SAIL continues to reinforce its commitment to nation-building and reducing dependence on imports for specialised defence-grade steel.
• Meanwhile, the global flat steel market is showing rapid growth, projected to rise from USD 548.17 billion in 2023 to over USD 900 billion by 2032, driven by strong demand from the construction and automotive industries. 
• As India aims to meet its steel production ambitions beyond 2030, emphasis is also being placed on sustainable manufacturing. Industry leaders are now advocating for the adoption of green steel technologies and clean manufacturing processes to decarbonise the sector and ensure long-term environmental sustainability.

Expert Outlook: Price Stability and Growth Segments

Prices for the 300 series stainless steel are expected to remain stable in the near term. Meanwhile, the 400 series is likely to continue on a steeper pricing trend. The 200 series is anticipated to perform strongly in the domestic market, supported by consistent demand and limited imports.