Global Stainless Steel Market Sees Mixed Signals Across Products

The stainless steel market is witnessing contrasting trends, with robust demand in the 200 series driven by limited imports and slower performance in the 300 and 400 series due to cash constraints. Industry developments, including Acerinox’s acquisition of Haynes International and fluctuations in nickel production, add layers of complexity to the market's outlook.

Key Takeaways

  • Price Overview: SS 304 CR is priced at Rs.195-198/kg, while 316L HR ranges from Rs.318-322/kg, ex-Delhi, plus GST. Domestic stainless steel scrap prices show strong rates.
  • Demand Trends: The 200 series is witnessing increased demand, driven by reduced imports and rising interest in No.4 PVC finishes.
  • Global Influences: Potential changes in EV tax credits could shift demand patterns for stainless steel in automotive applications.
  • Nickel Surplus: Global nickel production exceeded consumption, with a surplus of 70,000 mt from January to September.

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Stainless Steel Prices

  • Nickel opened today up by 1.3% at $16,020/mt, while Copper opened today up 0.86% at $9,045/mt.
  • INR opened today against USD at 84.36/-.
  • Current retail price for 304 CR wider 2B is now running approximately at Rs.195-198/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.318-322/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

  • Demand is still low in the 300 series due to cash crunch.
  • In the 400 series also, demand is not up to the mark.
  • 200 series demand has rather increased and is upbeat, due to lack of imported material.
  • No.4 PVC material demand is still on the rise, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News

  • Austrian authorities approved Acerinox's acquisition of Haynes International, completing regulatory requirements after approvals from the US and UK. The deal, expected to close by November-end, strengthens Acerinox's foothold in high-performance alloys with three new US factories.
  • In September, global refined nickel production (288,000 mt) outpaced consumption (285,000 mt). The January-September period saw an excess of 70,000 mt, despite a total production of 2.72 million tons of nickel ore.
  • Trump's team plans to eliminate the US$7,500 tax credit for EV buyers. While Tesla may weather the change, competitors could face significant challenges.

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Expert Opinion

  • The 300 series is expected to continue its dull run in the recent scenario.
  • The 430 and 410S performance is being marked as average, while 409M & 409L in ferritic grades are expected to be continuing in the dull category due to lack of demand.
  • The 200 series is expected to be performing satisfactorily in all grades and finishes, especially in thinner sections and No.4 PVC/Matte Finishes.

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