Nickel and Copper Rise as Stainless Steel Demand Gains Momentum
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Stainless steel prices show varied trends, with nickel and copper gaining and a mix of upward price movements across product grades. The demand for 300 and 200 series continues to improve, while a cash crunch keeps growth limited. The market is shaped by domestic supply challenges, with EU safeguard measures and reduced imports impacting trade dynamics.
Key Takeaways
- Nickel and Copper Prices: Nickel rose 0.93% to $15,210/mt, and copper increased 0.41% to $8,919/mt, supporting stainless steel costs.
- Stainless Steel Retail Trends: 304 and 316L grades show stability; 200 series demand surges due to reduced imports and tight supply.
- Demand Outlook: 300 and 400 series see modest growth, while No.4 PVC material demand continues to rise across segments.
- EU Safeguard Review: EU reassesses 26 steel categories amid declining demand and surging imports, with results expected by April 2025.
Stainless Steel Price
- Nickel opened today up by 0.93% at $15,210/mt, while Copper opened today up by 0.41% at $8,919/mt.
- INR opened today against USD at 85.06/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.195-198/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.
- Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):- 304: Rs.1,27,886/mt 316L: Rs.2,25,065/mt J5 Patta: Rs.72,000/mt J8 Patta: Rs.70,000/mt 430: Rs.56,317/mt
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 paucity of imported material
- No.4 PVC material demand is still on the rise, both in 200 and 300 series, as has been observed in the past few months, as expected
Stainless Steel News
-The EU is reviewing safeguard measures on 26 steel categories, including TRQs with a 25% duty for over-quota imports. This responds to shrinking EU demand and rising imports, especially from China. Decisions are expected by April 2025.
- LME Nickel futures rose to $15,508/mt as inventories fell and the Fed signaled slower rate cuts.
Expert Opinion
- SS 300 series prices are expected to rise, in the recent scenario, since USD is high
- SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue
- SS 200 series is also expected to perform very well, domestically, as imports are choked
Daily Market Report
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