Nickel Falls 2.67%; Stainless Steel Prices Hold Firm in Domestic Market

Key Highlights

• Nickel Down, Copper Up: Nickel opened at $14,364/MT (−2.67%), while copper rose 0.19% to $8,479/MT; INR at 85.88/USD.
• Domestic Prices Unchanged: Retail stainless steel prices continue in the same range; 304 at Rs 199–200/kg, 316L HR at Rs 320–323/kg, ex-Delhi. 
• 200 Series Demand Strong: Low import availability keeps domestic demand high for 200 series, while 300 and 400 series improve gradually. 
• Taiwan Raises Prices: Taiwan’s stainless steel mills raised April prices, with 304 series up NT$4,000/mt on costlier inputs and currency depreciation, while downstream demand stays cautious and mills manage orders amid market uncertainty. 
• China Retaliates: China hits back with 34% tariffs on U.S. goods and export bans; global stainless steel trade remains on edge.

Stainless Steel Price:

• Nickel opened today down by 2.67% at $14,364/MT, while Copper opened today up by 0.19% at $8,479/MT.
• INR opened today against USD at 85.88/-.
• Current retail price for 304 CR wider 2B is now running approximately at Rs.199-200/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.320-323/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/kg 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:

• 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 major stainless steel producers raised April prices, with 304 series up NT$4,000/mt due to higher raw material costs and Taiwan dollar depreciation. Downstream demand remains cautious post-Qingming holidays, with steel mills managing orders carefully to control costs amid uncertain market demand.
• On April 4, China responded to US tariffs by announcing a 34% duty on US goods from April 10 and added 16 US entities to its export control list, halting dual-use exports. China condemned the US action as violating trade rules and harming its interests.
• Taiwan’s stainless steel market rose with April price hikes, but buying momentum remains weak. While ferronickel prices are strong and futures in China have firmed, falling global nickel prices add uncertainty. Imports may rise post-US tariffs, and future trends remain unclear.
• Aperam, a Luxembourg-based stainless steel maker, is seeking exemptions from US tariffs via its American customers. The company warned of long-term investment impact and urged the EU to respond proportionately to protect European steelmakers.

Expert Opinion:

• 300 series prices are expected to rise in the current scenario, since USD is high.
• 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• 200 series is also expected to perform very well domestically, as imports are choked.