India's Stainless Steel Market Faces Mixed Demand, Prices Hold Steady

The stainless steel market shows mixed trends, with the 300 series facing continued low demand due to cash flow issues, while the 200 series sees a rise in demand driven by a shortage of imported material. Prices for different grades, including 304, 316L, and 201, remain relatively steady, with slight price variations across domestic and imported materials.

Key Highlights

  • Stainless Steel Prices: 304 CR 2B: Rs 195-198/kg, 316L HR: Rs 318-322/kg, SS 201: Rs 143-167/kg. Nickel opened at $15,730/mt (+0.06%), while Copper opened lower at $8,980/mt (-0.32%).
  • Demand Trends: Low demand for 300 series, increasing demand for PVC material, and rising demand for 200 series due to import shortages.
  • Market Outlook: 300 series underperforming, 200 series expected to perform well, and 400 series expected to remain dull.
  • Industry News: Mukand Limited partners with Landgraf for better precision; Duplex Stainless Steel market to reach $6B by 2030.

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Stainless Steel Prices

  • Nickel opened today up by 0.06% at $15,730/mt, while Copper opened today down by 0.32% at $8,980/mt.
  • INR opened today against USD at 84.49/-.
  • 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 300 series due to cash crunch.
  • In 400 series also, demand is not upto 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 has been observed in the past few months.

Stainless Steel News:

  • Mukand Limited has partnered with Italy’s Landgraf to install advanced centerless grinding machines at its Thane plant, enhancing product precision and efficiency.
  • LME nickel prices rebounded to $15,906 on Nov 20, driven by stainless steel demand in China. Inventories rose 8.6% in November, with short-term prices likely to fluctuate due to weak demand and rising supplies.
  • Global demand for Duplex Stainless Steel is projected to reach $6 billion by 2030, with a 5.4% CAGR.
  • The World Stainless Association highlights stainless steel’s high recyclability (95%) despite challenges in scrap supply.

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Expert Opinion

  • SS 300 series is expected to continue its dull run in the recent scenario.
  • SS 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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