India’s Stainless Steel Market Sees Rising Demand Across All Series
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Stainless steel prices remain firm, with the 200 series seeing rising demand due to limited imports. Taiwan’s stainless steel prices are set for a sharp April increase following Indonesia Tsingshan’s price hike. Meanwhile, copper prices approach record highs due to U.S. trade concerns. Experts anticipate price firmness across all stainless steel series due to market and regulatory factors.
Key Takeaways:
- Stainless Steel Market Hold Firm: The 200 series demand is rising due to low imports, while the 300 and 400 series show marginal improvements.
- Taiwan Prices Set to Rise: Taiwan's stainless steel mills are expected to hike prices by NT$4,000/mt in April, slowing market activity.
- Copper Nears Record Highs: Prices surged 27% in 2025 amid U.S. tariff policies and trade uncertainty under the Trump administration.
- Expert Outlook: Prices for 300, 400, and 200 series stainless steel are expected to stay firm due to currency strength, BIS issues, and restricted imports.
Stainless Steel Price:
- Nickel opened today unchanged at $16,220/mt, while Copper opened down by 0.17% at $10,095/mt.
- INR opened today against USD at 85.60/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.197-199/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.
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:
- Taiwan's stainless steel prices for April are expected to rise sharply, slowing trading activity. Indonesia Tsingshan increased prices by over $110 in March, leading to an anticipated NT$4,000/mt hike, though market acceptance may adjust the final rate. Some mills have already raised prices by NT$2,500-3,000/mt.
- Uzbekistan will impose a 100% export duty on metal scrap and a 10% duty on copper starting July 1, 2025, aligning with WTO rules to boost domestic processing.
- The London Metal Exchange (LME) received a £9.2 million fine from the FCA over the 2022 nickel crisis, marking the first regulatory penalty for a British trading exchange. The initial fine of £14.7 million was reduced due to mitigating factors.
- Copper neared record prices at $5.12/lb, driven by concerns over U.S. tariff policies. Prices surged 27% in 2025 following Trump’s executive order investigating copper imports.
- The EU plans to protect its struggling steel and metal industries by using trade measures and subsidies to support decarbonization, aiming to boost defence manufacturing.
- Turkey’s political turmoil, following the arrest of Istanbul’s mayor, threatens the U.S. recycled steel market. Turkey is the top buyer of U.S. ferrous scrap, and instability has already impacted its stock market and currency.
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.
Daily Market Report
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Nickel Up, Copper Down; Rising Demand and Limited Supply Impacting Stainless Steel Prices
Stainless steel prices remain firm, with nickel opening 0.71% higher at $16,350/mt and the INR strengthening to 85.67/USD. The 300-series demand is seeing marginal improvement despite cash constraints, while the 400-series continues its upward trend. The 200-series is benefiting from a shortage of imports, further driving domestic demand. Industry experts anticipate price increases in the 300 and 400 series.
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Stainless Steel Prices Stay High as Currency and Trade Policies Shape Market Trends
Stainless steel prices remain firm as demand patterns shift. The 200 series continues to see strong domestic demand due to import shortages, while the 300 and 400 series show gradual improvement. China’s stainless steel imports dropped by 29.3% YoY, while exports went up. Experts anticipate price firmness across all series, with the USD exchange rate and regulatory factors playing key roles.
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