Nickel & Copper Prices Surge as Stainless Steel Prices Hold Firm

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12 Mar 20252 Min ReadDaily Market Report

Stainless steel prices remain steady, with 304 CR 2B retailing at Rs 197-199/kg (ex-Delhi). Limited imports are driving demand for the 200 series, while the 300 and 400 series see marginal improvement. Nickel hit a four-month high at $16,551/mt, supporting price expectations. The market outlook remains positive, with 300 and 200 series expected to gain strength due to supply constraints.

Key Insights

Price Trends: Stainless steel prices remain stable, with minor variations in different grades and series.
Nickel & Copper Movement: Nickel opened at $16,520/mt, showing a four-month high, while copper gained 0.69% to $9,729/mt.
Demand Shifts: The 200 series is seeing stronger demand due to low imports, while 300 and 400 series demand is gradually improving.
Global Market Impact: Increased Chinese production may pressure prices, but long-term demand remains positive.
Future Outlook: High USD rates could push 300 series prices up, while 400 series remains strong due to BIS-related supply issues.

Stainless Steel Price:

Nickel opened today up by 0.24% at $16,520/mt, while Copper opened today up by 0.69% at $9,729/mt.
INR opened today against USD at 87.27/-.
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:

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:

Chinese stainless steelmakers planned to increase output in March to 3.5 million mt (+357,000 mt MoM), supporting nickel pig iron prices but pressuring ferrochrome suppliers. Weak demand kept market sentiment low, though government policies may boost long-term demand.
Taiwan’s stainless steel imports fell 3.7% MoM to 90,900 mt in January, while exports dropped 24.2% to 76,700 mt. Import prices fell 7%, while export prices rose 7.5%.
LME nickel hit a four-month high at $16,551/mt (+$650 in three days). LME inventories dropped by 696 mt to 197,826 mt. Prices are expected to fluctuate.
Nickel Asia Corporation forecasts higher nickel prices due to supply constraints and rising EV and stainless steel demand. Global nickel consumption may grow 5% in 2025, outpacing 3.8% production growth.
India’s steel demand hit 13.289 million mt in January, maintaining growth as output reached 9% of global production. Manufacturers are expanding capacity.
Global copper production grew in 2024, with refined copper output up 4.2%. McKinsey estimates closing the supply gap by 2035 will require $400 billion.

Expert Opinion:

In the current situation, 300 series prices are anticipated to increase due to the high USD.
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.