Asian Stainless Steel Market Steady Amid Mixed Demand and Regional Supply Shifts

Key Highlights

1. Retail 304 CR trades at ₹190–195/kg; HR at ₹176–181/kg (ex-Delhi).
2. 200 series shows strong demand, while 300 series remains subdued.
3. Asian markets stay cautious as China’s December output is set to dip 5% m-o-m.
4. Prices expected to stay stable in 300 series and firm in 400 and 200 series.

Price Update: Stainless Steel Prices Steady After JSL Reduction Last Week

• JSL reduced prices last week—₹3/kg in 304 and ₹5/kg in 316L
• Nickel is currently priced at $14,865/ton, while copper stands at $11,533.5/MT. The INR opened at 89.85 against the USD. 
• Retail prices for 304 CR wider 2B are now in the ₹190–195/kg basic range, with HR at ₹176–181/kg (ex-Delhi). Narrow-width material remains ₹8–10/kg cheaper. Imported 316L HR is trading at ₹325–330/kg, with Indian material priced ₹5/kg higher. In CR wider, rates remain ₹5/kg above HR.
• Imported SS 201 CR 2B (thin gauges like 0.26 mm) is available at ₹166–169/kg, while domestic 201 (cheapest grade) is priced at ₹132–136/kg plus thickness adjustments. For 1500mm width in 300 series, add ₹4/kg for N4 finish.

Indian producers are procuring stainless steel scrap at the following levels (plus GST):

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

Demand & Supply Trends: Mixed Demand Across Series With Tightness in 200 Grade

• Demand in the 300 series is subdued, though selective material shortages persist.
• 400 series demand is gradually strengthening.
• The 200 series is witnessing robust demand, supported by tight availability of imported material.
• No.4 PVC material continues to show solid demand momentum across both 200 and 300 series, consistent with recent months.

Market News: Industry Expansions Continue but Market Sentiment Remains Soft

• Sambhv Steel has announced a significant expansion plan in India, while Shyam Metalics recorded a notable y-o-y increase in November stainless steel sales. Despite these developments, domestic stainless finished steel and scrap markets remain under pressure due to weak demand.
• In Taiwan, stainless scrap exports dropped sharply by 16% m-o-m in October, even as Tang Eng raised December coil prices. South Korea’s POSCO kept December prices unchanged.
• In China, November stainless steel output remained stable, but December crude production is expected to dip by 5% m-o-m. The broader Asian stainless steel market remains quiet as high inventories and cautious procurement weigh on sentiment, with price trends appearing mixed in China.

Market Outlook: Stable to Firm Trend Expected Across 200, 300, and 400 Series

• 300 series prices are projected to remain stable.
• 400 series prices are likely to stay firm, supported by healthy demand.

The 200 series is expected to perform strongly, though intermittent material shortages may persist in the domestic market.