Nickel and Copper Show Mixed Trends; Stainless Steel Demand Growing in India
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Stainless steel prices remain steady, with nickel slightly down and copper marginally up. The demand for the 200 series is rising due to limited imports, while the 300 and 400 series see modest improvements. Global market trends, including U.S. tariffs, EU trade policies, and Indonesia’s increasing nickel production, are shaping the industry outlook.
Key Takeaways
- Market Prices: Nickel dipped by 0.28%, while copper gained 0.37%, influencing stainless steel costs.
- Demand Trends: The 200 series sees strong demand due to import shortages, while 300 and 400 series show gradual improvements.
- Global Market Shifts: Indonesia’s nickel output is set to rise, while U.S. and UK tariff policies may impact trade.
- China’s Influence: Weak trading in China and fluctuating futures prices affect global sentiment.
- Expert Forecast: 300 series prices may rise due to a strong USD, while the 400 series remains high due to regulatory constraints.
Stainless Steel Price:
- Nickel opened today down by 0.28% at $15,925/mt, while Copper opened today up by 0.37% at $9,378/mt.
- INR opened today against USD at 87.13/-.
- 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:
- Shanghai Metals Market-China (SMM) reports weak stainless steel trading. The SS2505 futures contract fluctuated at 13,285 yuan/mt. Wuxi 304/2B premiums ranged from -115 to 185 yuan/mt. A 100-yuan price hike by one producer saw little market response.
- The UK TRA is reviewing 2024 steel import tariff exemptions, possibly affecting Vietnam and Egypt. New U.S. tariffs start March 12, prompting UK Steel to propose broader import tariffs.
- Indonesia’s nickel production is set to rise, with NPI output reaching 2.487 million tons by 2027. Vale warns oversupply is lowering prices.
- EUROFER’s Axel Eggert urged action on trade issues and high energy costs, citing EU mill closures. The World Bank’s Thomas Kerr warned CBAM will impact Indian steel and aluminium exports.
- Asian stocks surged after China’s Caixin PMI hit 51.1. Stainless steel scrap prices in China rose up to 1.7%. LME nickel prices improved by 1.4%.
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.
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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