Nickel and Copper Prices Rise; Stainless Steel Market Trends Shift

Key Highlights

• Prices Show Mixed Trends: Stainless steel prices show mixed trends. 304 CR wider 2B is Rs.197-199/kg, ex-Delhi, while narrow is Rs.3-5/kg cheaper. SS 316L HR imported is Rs.318-322/kg, Indian material costs Rs.5-10/kg higher.
• Demand and Supply: Demand trends vary across series. 300 series demand is improving but limited by a cash crunch. 400 series demand is rising, while 200 series remains strong due to restricted imports, supporting market stability.
• Global Trade Policies Impact the Market. South Korea imposed a 21.62% anti-dumping duty on Chinese stainless steel. The US levied 25% tariffs, prompting Canada’s retaliation, while Mexico plans its response by April 2.

Stainless Steel Prices

• Nickel opened today up by 0.06% at $16,560/ton, while Copper opened up by 0.07% at $9,787/ton.
• INR opened today against USD at 86.84/-.
• The current retail price for 304 CR wider 2B is around Rs.197-199/kg, ex-Delhi. Narrow 304 CR is Rs.3-5/kg cheaper, plus GST.
• SS 316L HR imported material is priced at Rs.318-322/kg for HR wider, while Indian material is Rs.5-10/kg costlier. CR wider rates are Rs.10/kg higher than HR.
• SS 201 imported CR 2B (extra-low thickness 0.26mm) is retailing at Rs.165-167/kg, ex-Delhi, plus GST.
• Domestic SS 201 (cheapest grade) is being retailed at Rs.143-145/kg base price, plus thickness difference and GST.

Stainless Steel Demand and Supply

• Demand is slightly improving in the 300 series but remains weak due to a cash crunch.
• The 400 series is also witnessing a rise in demand.
• The 200 series demand has increased due to the lack of imported material.
• No.4 PVC material demand continues rising in both 200 and 300 series.

Stainless Steel News

• South Korea imposed a 21.62% provisional anti-dumping duty on stainless steel plates from China for four months, effective March 7, 2025. The duty applies to stainless steel plates of 4.75mm thickness or more and 600mm width or more. South Korea’s Trade Commission ruled to extend anti-dumping duties on stainless steel flat-rolled products from China, Indonesia, and Taiwan for another five years. China, Indonesia, and Taiwan face duties of 24.83%, 25.82%, and 9.07%, respectively, but some firms reached price commitments.
• The US imposed a 25% tariff on all steel imports on March 12, significantly affecting global steel producers, especially Chinese firms. US steelmakers like Cleveland-Cliffs, Nucor, and U.S. Steel will benefit from this policy. Global steel firms BlueScope, Yamato Kogyo, SSAB, Kloeckner, and Acerinox may benefit due to their strong US market presence.
• Canada imposed retaliatory 25% tariffs on US products worth $20 billion, while Mexico will decide on its response by April 2.
• The Indonesian Mining Association opposes the planned increase in royalty rates on mining products, warning of financial strain on miners. Higher royalties may reduce production, affect investments, and increase costs despite surpassing government revenue targets.
• Imported scrap prices have risen, driven by increased Kanto bid prices, but transactions remain limited due to price gaps.
• Taiwan’s electric arc furnace plants are replacing scrap with steel billets to cut costs, saving $20-30 per ton.
• India's scrap imports in December 2024 fell 39.4% year-on-year to 778,000 tons, marking five consecutive months of decline. India’s total scrap imports in 2024 were 9.39 million tons, down 20.1% year-on-year, but still the second highest in history.
• The US steel tariff impacts European producers, removing exemptions and disrupting global supply chains. Assofermet warns of rising production costs, price distortions, and loss of competitiveness in the European market.

Experts Opinion

• Prices for the 300 series are expected to rise as the USD remains strong.
• The 400 series may stay expensive due to the BIS issue.
• The 200 series is expected to perform well domestically due to import restrictions.