Nickel, Copper Prices Slightly Up; Stainless Steel Demand Rises Amid Import Shortages

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09 Jan 20252 Min ReadDaily Market Report

Stainless steel market shows slight demand improvement across 300, 400, and 200 series. Nickel and copper prices opened with minor increases. Import shortages in 200 series drive domestic demand, while EU manufacturers face challenges with overflowing quotas and import dependencies. Prices are expected to rise in 300 and 400 series due to high USD and BIS issues.

Key Takeaways

Price Overview: Nickel opened at $15,465/mt (+0.06%), Copper at $9,057/mt (+0.28%), and INR opened against USD at 85.93.
Retail Prices: 304 CR wider 2B is Rs.195-198/kg, 316L HR imported at Rs.318-322/kg, and 201 CR 2B at Rs.165-167/kg.
Demand Trends: 300 and 400 series demand is gradually improving. 200 series demand is strong due to imported material shortages.
EU Market Dynamics: EU stainless steel imports surged in 2024, highlighting dependency despite anti-dumping measures, with quotas already overflowing in 2025.
Expert Insights: 300 series prices expected to rise due to high USD. 400 series to remain high due to BIS issues. 200 series to thrive domestically with import challenges.

Stainless Steel Price:

Nickel opened today up by 0.06% at $15,465/mt, while Copper opened today up by 0.28% at $9,057/mt.
INR opened today against USD at 85.93/-.
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 shortage 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:

European stainless steel manufacturers demand stricter market protection measures against non-EU imports, yet rely heavily on imports themselves. EUROSTAT data reveals dramatic 2024 import increases compared to 2023: ferro-nickel (+42%), stainless steel scrap (+50%), stainless steel slabs (+27%), and nickel pig iron (+60,000%). Compared to 2019, these rises are even more significant, highlighting the EU's reliance on stainless steel imports, including by its manufacturers.
The EU Joint Research Centre (JRC) confirmed this dependency in 2024, challenging recent anti-dumping and anti-subsidy measures. Meanwhile, EU safeguard quotas for Taiwan-origin flat rolled stainless steel overflowed in early January 2025, exceeding 67,000 MT.
On January 8, stainless steel futures showed a slight uptick, stabilizing spot prices. East China mills raised 304 prices by 200 yuan, boosting market sentiment.

Expert Opinion:

300 series prices are expected to rise in the current scenario, since USD is high.
400 series prices are also expected to remain on the steeper side, because of the BIS issue.
200 series is also expected to perform very well domestically, as imports are choked.

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