Nickel and Copper Prices Decline, Stainless Steel Holds Firm
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Stainless steel prices remain stable, with declines in nickel and copper. The 200 series sees growing demand due to limited imports, while the 300 and 400 series experience moderate improvements. Rising input costs are leading major producers to increase prices, though weak global demand and trade uncertainties continue to impact the market. Prices for the 300 and 400 series are expected to remain firm.
Key Takeaways
- Market Prices: Nickel and copper opened lower today, affecting stainless steel pricing. Nickel went down 0.88%, while Copper dipped 0.41%.
- Demand Trends: Demand for the 200 series remains strong, while 300 and 400 series show modest demand growth.
- Expert Predictions: Prices for the 300 and 200 series are expected to rise, while the 400 series remains high due to regulatory issues.
- Global Trade Impact: U.S. tariffs, China’s policies, and post-war reconstruction could influence market trends.
- Indian Market Shift: Domestic prices are higher than imported alternatives, affecting competitiveness.
Stainless Steel Price:
Nickel opened today down by 0.88% at $15,790/mt, while Copper opened today down by 0.41% at $9,381/mt.
INR opened today against USD at 87.36/-.
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:
- Demand for the 300 series is showing slight improvement, though not significantly, due to ongoing cash flow challenges.
- The 400 series is also witnessing a gradual rise in demand.
- The 200 series remains strong, driven by a shortage of imported material.
- No.4 PVC material demand continues to rise across both the 200 and 300 series, a trend that has been consistently observed over the past few months.
Stainless Steel News:
- Before last Thursday’s cabinet meeting, U.S. President Donald Trump stated that a 25% tariff on EU exports would soon be imposed as a reciprocal measure to existing EU tariffs, particularly on U.S. cars and agricultural products.
- Stainless steel prices have been supported by rising raw material costs. The market is watching post-war reconstruction demand in Ukraine and potential stimulus policies from China's government meetings. Taiwan’s Sinkang Industries expects clearer market conditions in Q2 but notes that demand remains uncertain despite higher electricity and material costs.
- Taiwan’s Yieh Hsing Enterprise raised March prices for carbon steel wire rod by NT$500/ton and 300-series stainless steel wire rod by NT$1,000/ton, while 200- and 400-series prices remained unchanged. The hike reflects expectations of post-war reconstruction demand, new U.S. tariffs, and rising raw material costs.
- India’s Welspun Corp has launched a subsidiary, Welspun Europe S.A., in Spain to expand exports. The new entity will trade pig iron, crude iron, and various fluid transport systems, including stainless steel pipes and water storage tanks. The company received its Certificate of Incorporation on February 24.
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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Stainless Steel Demand Rises Amid Limited Imports & Currency Fluctuations
Nickel opened higher at $16,345/MT, while copper went down. Stainless steel prices remain firm, with 304 CR wider 2B at Rs 197-199/kg and 316L HR at RS 318-322/kg. Demand for 200 series is strong due to import constraints, while 300 and 400 series show gradual improvement. Market sentiment remains cautious, with price increases expected for key stainless steel grades.
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Stainless Steel Prices Firm as Nickel Gains, Demand Outlook Steady
Nickel prices continued their upward trend, reaching $15,983/MT, driven by a weaker USD and Indonesian supply disruptions. Stainless steel prices remained firm, with 304 CR wider 2B at Rs 197-199/kg and 316L HR at Rs 318-322/kg. Demand for 300 and 400 series is rising gradually, while 200 series remains strong due to limited imports. Prices are expected to rise further in the coming weeks.
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