Nickel and Copper Prices Climb Amid Stainless Steel Demand Surge

Nickel prices opened today at $17,630/ton, up by 0.60%, while copper rose to $9,762/ton. The demand for stainless steel grades 304 and 316L has picked up, particularly in common sizes. Meanwhile, SAIL and BHP have signed an agreement to work on reducing carbon emissions at Indian blast furnaces, as steel production accounts for 10-12% of India’s total emissions.

Stainless Steel Price

  • Nickel opened today up by 0.60% at $17,630/ton, while Copper opened today up by 0.39% at $9,762/ton.
  • INR opened today against USD at 83.96/-.
  • Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
  • SS 316L imported material is now being retailed in the price range of Rs.320-324/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. 143-148/kg, ex-Delhi, plus GST.
  • Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.140-143/- base price (plus thickness difference extra), plus GST.

Stainless Steel Demand and Supply

  • Demand is slightly better in 304 & 316L (CR & HR), in generic sizes, as compared to previous 3 months.
  • Not much demand is there in ferritic grades, except some railway fabrication usage in 409M/X2CrNi12/IRSM 44-97 grades
  • Good demand is being observed in No.4/Matte PVCfinish in 201 grades, due to short supply from domestic players, and non-renewal of BIS for imported material
  • Decent demand is also being observed in 304 narrow sizes, for applications like pipes and tubes or rerolling usages, due to short supply in imported material

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Stainless Steel News

  • State-run Steel Authority of India (SAIL) has partnered with global miner BHP to reduce carbon emissions from its blast furnace plants. With steel production contributing 10%-12% of India's emissions, the initiative aligns with India's goal of reaching net-zero emissions by 2070.
  • On October 2, 2024, Brazil’s Ministry of Development initiated the second review of its anti-dumping duties on stainless steel cold-rolled sheets from China and Taiwan.
  • Asian stock markets ended the trading day on a positive note, with major indices rising. The Shanghai Composite Index gained 1.32%, while Japan's Nikkei 225 and TOPIX also saw increases of 0.26% and 0.2%, respectively.

Stainless Steel Opinion

  • Both 304 & 316L are expected to have a medium to good run in this week, owing to the slight raw material price increase.
  • The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
  • The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.
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