Copper Falls Sharply; Global Tariff Tensions Mount as Stainless Steel Prices Hold

Key Takeaways

• Copper Crash: Copper dropped 6.81% to $8,183/MT; nickel remained flat at $14,640/MT; INR opened at 85.79/USD. 
• Stable Pricing: 304 CR 2B at Rs 199–200/kg; 316L HR imported at Rs 320–323/kg; 201 CR imported at Rs 165–167/kg, ex-Delhi, plus GST.
• Demand Shift: 200 series demand remains strong, 300 series shows marginal growth, while 400 series continues to rise slowly.
• Tariff Fallout: U.S. tariffs on 60 countries, including 27% on Indian goods, may redirect imports to India; domestic impact seen as limited.
• Price Outlook: 300 and 400 series prices likely to remain strong due to USD pressure and BIS issues; 200 series buoyed by low imports.

Stainless Steel Price:

• Nickel opened today unchanged at $14,640/MT, while Copper opened today down by 6.81% at $8,183/MT.
• INR opened today against USD at 85.79/-.
• Current retail price for 304 CR wider 2B is now running approximately at Rs.199-200/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper. Plus GST.
• SS 316L HR imported material is now being retailed in the price range of Rs.320-323/kg for HR wider. Indian material is expensive by Rs.5-10/kg. For CR wider, the rates are Rs.10/kg higher than HR.
• SS 201 imported CR 2B (extra low thicknesses like 0.26mm) is being retailed at Rs. 165-167/kg, ex-Delhi, plus GST. Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.143-145/- base price (plus thickness difference extra), plus GST.
• Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):-
• 304: Rs.1,27,886/ MT
• 316L: Rs.2,25,065/ MT
• J5 Patta: Rs.72,000/ MT
• J8 Patta: Rs.70,000/ MT
• 430: Rs.56,317/ MT

Stainless Steel Demand and Supply:

• The cash constraint is causing demand in the 300 series to marginally improve, but not significantly.
• Demand in the 400 series is also seen to be rising. 
• Due to the lack of imported material, demand in the 200 series has climbed even more and is optimistic.
• As anticipated, No. 4 PVC material demand has continued to increase in recent months for both the 200 and 300 series.

Stainless Steel News:

• The U.S. reciprocal tariffs may disrupt global trade and lead to increased steel imports into India from affected countries. On April 2, 2025, President Trump announced new tariffs on about 60 countries, including a 27% duty on Indian goods. Steel, aluminium, autos, and auto parts already under Section 232 (25%) are excluded. ISSDA said India’s stainless steel exports to the U.S. are modest, so impact is limited.
• Stellantis NV is pausing production and laying off workers due to U.S. tariffs. The Windsor plant will shut from April 7 for two weeks; Toluca will be idle all April. Around 900 U.S. and 4,500 Canadian workers are affected. CEO Antonio Filosa cited tariffs and slow sales.
• Copper prices plunged Friday: Comex fell 9.1% to $4.3880/lb, down 18.4% from March highs. London copper dropped 6.8% to $8,734/tonne—lowest since March 2020.
• On April 3, Trump announced a base 10% duty from April 5, with more tariffs by April 9. EU faces at least 20%. Germany’s WVStahl criticized the move, warning of deeper trouble for export-heavy steel sectors.

Expert Opinion:

• 300 series prices are expected to rise in the current scenario, since USD is high.
• 400 series prices are expected to stay high due to the BIS issue.
• 200 series is also anticipated to do very well domestically due to limited imports.