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

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.

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.

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.