India stays firm while China stainless weakens
China stainless futures and NPI softened while an Indian mill’s 316L revision kept domestic pricing firm, widening the domestic-global divergence.
Trade Intelligence Notice: Indicative trade intelligence for industrial planning. Every figure carries its actual verified source and date. For firm contract pricing on specific coils, circles, or sheets, contact our desk.
China & Global Inputs
The 16 September close remained under pressure as end-user demand stayed weak. One-week comparison is not sourced this week.
LME official 3-month closing price for the completed 16 Sep 2026 session.
High-grade NPI remained in a bottom-seeking phase with sluggish spot transactions.
Ferrochrome eased modestly, softening one part of the 400-series input chain.
Chrome concentrate also softened, reinforcing a gentler 400-series input tone.
India Domestic
The same producer revised J4 HR and CR higher effective 12 September.
Market Read: Outlook & Risk Balance
NPI, ferrochrome and chrome ore are softer while Indian mill revisions and tight stainless scrap resist the decline.
- India stainless scrap availability
- DGTR stainless case updates
A trade-remedy outcome or a material Indonesian supply-policy shift would create a discrete cost move.
Policy Watch
India cold-rolled stainless 300/400-series anti-dumping investigation
Revised oral-hearing notice remains the latest case-page itemThe case page lists 'Revised Date for Oral hearing' published 9 Sep 2026 and no later determination.
The cards
The same cards posted on social. Open one for the full size.
Source Attribution: SMM 17 Sep 2026 - https://news.metal.com/newscontent/104118575-smm-nickel-morning-meeting-summary-expectations-for-us-fed-interest-rate-hikes-remain-high-us-bonds-continue-to-strengthen-and-the-most-traded-shfe-nickel-contract-falls-under-pressure-in-early-trading; Westmetall 16 Sep 2026 - https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash; SMM NPI 16 Sep 2026 - https://www-old.metal.com/Nickel/202412310018; SMM Chromium 16 Sep 2026 - https://www-old.metal.com/price/Minor-Metals/Chromium; SMM India stainless 15 Sep 2026 - https://news.metal.com/newscontent/104113972-smm-stainless-steel-flash-indias-leading-stainless-producer-raises-316l-coil-prices-second-revision-this-month; DGTR 9 Sep 2026 - https://www.dgtr.gov.in/en/anti-dumping-cases/anti-dumping-investigation-concerning-imports-cold-rolled-flat-products
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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