- Nickel (traded on the LME) is the biggest driver of stainless steel prices in India; mills revise prices roughly monthly.
- With 304 as 1.0, 202 is about 0.65–0.80, 316 about 1.4–1.7 and 904L about 3–5 times the price per kg.
- Product form matters: plate and coil are cheapest per kg, seamless pipe and fittings the most expensive.
- Stainless steel attracts 18% GST; compare quotes on the same basis (ex-godown, excluding GST, same make and certificate).
Stainless steel is sold by weight, and the per-kg rate moves every week. Buyers often ask us why two quotes for "304 sheet" differ by 10% or why the price has changed since last month. This guide explains what goes into the rate so you can read a quotation properly and compare suppliers on equal terms. It deliberately gives no live prices; for today's rate, see the price list page or ask us.
1. Nickel sets the base
Nickel is the most expensive major ingredient and the most volatile. It trades on the London Metal Exchange (LME), and Indian mills revise their stainless prices, usually monthly, to follow it. SS 304 contains about 8% nickel, 316 about 10–14%, and 904L about 25%, so the more nickel in the grade, the more its price swings with the LME. 200-series (202, 201) and 400-series (430, 410) grades contain little or no nickel, which is why they are cheaper and more stable.
Molybdenum, chromium and, since 2023, energy and freight costs also feed into the mill price, but nickel explains most of the month-to-month change.
2. Grade
With SS 304 taken as the benchmark, typical relative prices per kg are:
| Grade | Relative to 304 | Why |
|---|---|---|
| SS 430 | 0.55 – 0.70 | No nickel |
| SS 201 / 202 | 0.65 – 0.80 | Low nickel, high manganese |
| SS 304 / 304L | 1.00 | Benchmark |
| SS 321 | 1.05 – 1.20 | Titanium addition, lower volume |
| SS 316 / 316L | 1.40 – 1.70 | More nickel plus 2–3% molybdenum |
| SS 310S | 1.8 – 2.5 | 20% nickel, 25% chromium |
| Duplex 2205 | 1.5 – 2.0 | Molybdenum, lower volume |
| SS 904L | 3 – 5 | 25% nickel, molybdenum, copper |
| Nickel alloys (Inconel, Monel, Hastelloy) | 5 – 18 | Mostly nickel; see our nickel alloy comparison |
These ratios drift as the nickel price moves (a high nickel price widens the gap between 304 and 202), so use them to sanity-check a quote rather than as fixed numbers.
3. Product form
The same grade costs different amounts per kg depending on how much work the mill has put into it. Roughly, from cheapest to most expensive per kg: hot rolled plate and coil, then cold rolled sheet and coil, then angles and flats, then round bars, then welded pipe and tube, then seamless pipe, then thin precision strip and shims, then fittings and flanges. A seamless 316 pipe can cost two to three times as much per kg as 316 plate.
4. Thickness and size
Very thin material costs more per kg because it takes more rolling passes and produces more scrap; very thick plate also carries a premium because fewer mills make it. The cheapest per kg is usually the mill's "standard" range: 1.0–3.0 mm sheet and 6–20 mm plate. Non-standard widths, extra-long lengths and small cut pieces add cutting cost and wastage, which is charged either in the rate or as a separate cutting charge.
5. Finish
2B and No.1 are the base finishes. Polished finishes add a processing charge per kg or per square foot: No.4 and hairline modestly, No.8 mirror more, and PVD colour considerably more. PVC protective film is a small extra. Our finishes guide describes each one.
6. Make and certification
Material from Jindal, POSCO, Aperam, Outokumpu or SAIL with a full mill test certificate commands a higher price than unbranded or re-rolled material. For pressure equipment, pharma and export jobs, the certificate is not optional, and buyers also pay for IBR certification, NACE compliance or third-party inspection (SGS, BV, TUV) when the project requires it. A quote without a mill certificate is not comparable to one with it.
7. Quantity and payment
Stockists quote better rates for full sheets, full coils and truckloads than for a few cut pieces, and better still for regular monthly offtake. Payment terms matter too: an advance or cash payment usually earns a small discount compared with 30-day credit, because the stockist carries the nickel-price risk in the meantime.
8. GST and freight
Stainless steel attracts 18% GST in India. Quotes are usually given ex-godown, per kg, excluding GST and freight; check which basis a supplier is using before comparing. Freight is quoted per kg or per truck, and for pan-India delivery it depends on distance, weight and whether the load fills a vehicle.
How to read a stainless steel quotation
A complete quote should tell you all of the following. If any item is missing, ask.
- Grade (and whether dual-certified, e.g. 304/304L)
- Product, thickness or size, finish
- Make (mill) and certificate type (EN 10204 3.1 or 3.2)
- Rate per kg, and whether it is ex-godown or delivered
- Whether GST is included (it usually is not)
- Cutting or processing charges, if any
- Validity, usually a few days, because the rate changes
- Payment terms and delivery time
How to compare two quotes fairly
- Put both on the same basis: ex-godown, excluding GST, same make, same certificate.
- Check the theoretical weight against the invoiced weight. Stainless is invoiced on actual weighbridge weight, and thickness tolerance means a nominal 2 mm sheet can weigh 3–5% more or less than theory. Our weight calculator gives the theoretical figure.
- Confirm the grade on the certificate, not the invoice. The most common "cheaper" quote is 202 sold as 304; our grade identification guide explains how to check.
- Add freight and any cutting charges to get a landed cost per kg.
- Ask how long the rate is valid and what happens if the mill revises prices before dispatch.
When prices are likely to change
Indian mills typically announce revised stainless prices at the start of each month, following the LME nickel trend and import parity. If nickel has moved sharply mid-month, stockists adjust sooner. A quote is therefore valid for days, not weeks. If you are planning a large purchase, agree the rate and pay the advance in the same week.
For current rates on sheets, plates, pipes, bars and nickel alloys, send the grade, size and quantity through our enquiry form or WhatsApp, and we will quote the same day, ex-Vadodara or delivered anywhere in India.