Nickel and Copper Slide While Stainless Steel Demand Stirs Upbeat Outlook
Nickel opened down at $15,815/mt while Copper also dipped to $9,114/mt. Stainless steel prices remain steady, with 300, 400, and 200 series witnessing improving demand. Experts anticipate price increases for the 300 and 400 series, while 200 series demand is thriving domestically amid import shortages.
Key Takeaways
- Price Movements: Nickel down 0.69% to $15,815/mt, Copper down 0.44% to $9,114/mt.
- Demand Trends: SS 300 and 400 series showing gradual demand improvement; 200 series boosted by limited imports.
- Expert Forecast: SS 300 and 400 series prices likely to rise; 200 series performing well domestically.
- Kandla Port Upgrade: India plans a Rs 570 billion upgrade for Deendayal Port, Kandla, aiming to boost annual cargo capacity by 135 million mt.
Stainless Steel Prices:
- Nickel opened today down by 0.69% at $15,815/mt, while Copper opened today down by 0.44% at $9,114/mt.
- INR opened today against USD at 86.52/-.
- 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.
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 lack 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:
- India plans a Rs 570 billion upgrade for Deendayal Port (Kandla), including a shipyard and cargo terminal to boost capacity by 135 million mt annually and create jobs.
- LME nickel prices rose by US$243/mt, hitting US$15,901/mt, driven by strong Chinese demand and Indonesian mining disruptions, despite oversupply risks.
- Taiwan’s Feng Hsin Steel kept scrap prices steady but cut rebar and section steel prices, aligning with market expectations.
- Peru launched an anti-dumping investigation on Chinese stainless steel sinks, focusing on imports from July 2023 to June 2024.
- Nickel prices increased by 2.3% on the SHFE last week and an additional 1.9% today. LME nickel saw a 4.3% weekly rise, with a 1.5% uptick as trading began Monday, reflecting strong market sentiment.
Expert Opinion:
- SS 300 series prices are expected to rise in the current 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.