Nickel, Copper Steady; Stainless Steel Prices Expected to Rise Amid Growing Demand

Key Takeaways

• Stable Nickel and Copper Prices: Nickel remains unchanged at $15,405/mt, while Copper sees a slight increase of 0.03%, trading at $9,071/mt.
• Stable Stainless Steel Prices: 304 CR wider 2B is priced at Rs.197-199/kg, while SS 316L HR imported material ranges from Rs.318-322/kg.
• Demand Fluctuations: 300 and 400 series demand is gradually improving, while 200 series sees strong growth due to a shortage of imported material.
• Global Market Trends: Tariff concerns, CBAM delays, and potential Fed rate cuts could impact global stainless steel demand and pricing.
• Optimistic Price Outlook: 300, 400, and 200 series stainless steel prices are expected to rise due to currency fluctuations, regulatory issues, and supply constraints.

Stainless Steel Price:

• Nickel opened today unchanged at $15,405/mt, while Copper opened today up by 0.03% at $9,071/mt.
• INR opened today against USD at 86.57/-.
• 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:

• 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 a 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:

• Economists link tariffs to inflation, with a British consultancy warning Trump’s tariff plans could push US inflation to 3-4%. Analysts argue domestic consumers, not foreign exporters, bear the cost of tariffs.
• The European People’s Party (EPP) has proposed delaying the Carbon Border Adjustment Mechanism (CBAM) and corporate sustainability directives to ease burdens on businesses and maintain economic competitiveness.
• The steel market underperformed in 2024 but is expected to rebound in 2025, driven by global economic recovery. The World Steel Association forecasts a 1.2% demand increase. Possible Fed rate cuts and post-war reconstruction in Ukraine may further boost demand.
• Synergy Steel hailed India’s 113% clean energy growth, with a 30 GW addition driving demand for stainless steel in the solar and wind sectors. India’s renewable capacity now stands at a record 218 GW, spurring demand for high-grade stainless steel.

Expert Opinion:

• Prices for the 300 series are likely to rise due to the strong USD.
• The 400 series is expected to stay elevated amid ongoing BIS concerns.
• The 200 series is set to perform well domestically as imports remain restricted.