India’s Stainless Steel Market Sees Continued Demand in 200 Series; Nickel & Copper Up
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The stainless steel market shows a mixed outlook across different series. Prices for key grades, including 304 and 316L, remain stable to slightly higher, with a notable demand increase in the 200 and 400 series due to reduced imports and BIS regulations. Market experts predict price increases across all series due to sustained demand and high USD rates.
Key Takeaways
- Price Updates: 304 CR wider is priced at Rs. 195-198/kg, while 316L HR imports range between Rs. 318-322/kg.
- Demand Trends: SS 200 series demand is strong due to import restrictions; 300 series is recovering; 400 series demand is increasing.
- Supply Dynamics: No.4 PVC material sees consistent demand growth across 200 and 300 series, driven by market trends.
- Global Policy News: Australia ends anti-dumping duties on Chinese stainless steel sinks, impacting trade, while BIS regulations boost domestic demand.
Stainless Steel Price
- Nickel opened today up by 1.42% at $16,070/mt, while Copper opened today up by 0.44% at $9,232/mt.
- INR opened today against USD at 84.86/-.
- 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 slightly getting better in 300 series, but not that much, due to cash crunch.
- In 400 series also, demand is seen to be increasing.
- SS 200 series demand has further increased and is upbeat, due to shortage 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, as expected.
Stainless Steel News
- The Australian Anti-Dumping Commission announced the cancellation of anti-dumping and countervailing duties on deep-drawn stainless steel sinks from China. The AD measure ended in June 2024, while the CVD measure will expire in March 2025.
- Outokumpu’s Circle Green stainless steel, with a carbon footprint 93% lower than the industry average, has reduced 50,400 tons of emissions. More companies are adopting this green solution, and Outokumpu plans further expansions in 2025 to meet rising demand driven by sustainability goals and stricter regulations.
Expert Opinion
- SS 300 series prices are expected to rise in the current scenario, since USD is high.
- SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
- SS 200 series is also expected to perform very well domestically, as imports are choked.
Daily Market Report
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Stainless steel prices are showing firmness across grades, especially in the 200 and 300 series, driven by supply shortages and increased demand for PVC-coated material. Jindal Stainless has raised prices by Rs 2/kg for 304/316L as demand improves. 304 CR wider 2B now trades at Rs 189–194/kg, while 316L HR imported is around Rs 330/kg. Scrap purchase prices have also increased, reflecting cost pressures.
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