Nickel and Copper Prices Dip; Stainless Steel Demand Improves

Key Takeaways

• Nickel and Copper Prices Decline: Nickel opened at $15,390/mt (-0.1%), and Copper at $9,047/mt (-0.23%), impacting stainless steel price trends.
• 200 Series Demand Rises: Shortages in imported material are pushing demand higher, keeping the market upbeat.
• Jindal Stainless Calls for Duty Cuts: The company seeks import duty removal on molybdenum ore and sustained zero duty on nickel and steel scrap.
• Global Market Developments: Vale’s copper production increased, and Sidenor Group acquired Spanish recycler Eplus for sustainability efforts.
• Prices Likely to Rise: 300 series prices may climb due to USD strength, while 400 series remains high amid BIS regulations.

Stainless Steel Price:

• Nickel opened today down by 0.1% at $15,390/mt, while Copper opened today down by 0.23% at $9,047/mt.
• INR opened today against USD at 86.58/-.
• 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 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.
• 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 as expected, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News:

• Jindal Stainless has urged the government to remove import duties on molybdenum ore and maintain zero duties on pure nickel, ferro-nickel, and steel scrap. The company reported a 5% drop in Q3 net profit to Rs 654.27 crore due to lower stainless steel prices, while total income rose to Rs 10,006.41 crore. The board approved an interim dividend of Rs 1 per share.
• Vale’s Q4 copper production rose 2.7% YoY to 101.8 kt, driven by improved output at Salobo. Sidenor Group acquired Spanish recycler Eplus to boost sustainability.
• U.S. Comex copper futures gained 0.8% to $4.264/lb after Trump’s tariff threat, while LME copper fell 0.9% to $9,018/mt.

Expert Opinion:

• 300 series prices may rise amid a strong USD.
• 400 series prices are likely to stay high due to the BIS issue.
• 200 series is expected to perform well domestically as imports remain restricted.