Nickel, Copper Steady; Stainless Steel Sees Mixed Trends Amid Strong 200 & 400 Series Demand

Key Highlights:

• Nickel at $15,235/ton; Copper at $9,775.5/ton.
• Strong demand in the 200 and 400 series; 300 series slightly weaker.
• Industry seeks anti-dumping duties on cheap imports.
• Prices expected to remain stable to strong across grades.

Price Trends & Market Rates

• Nickel prices are at $15,235/ton.
• Copper prices are at $9,775.5/ton.
• INR opened today against USD at 87.69.
• The current retail price for 304 CR wider 2B is approximately Rs.189–194/kg (basic price range, ex-Delhi), while for narrow sizes, it is about Rs.8–10/kg cheaper, plus GST. 
• SS 316L HR imported material is now being retailed at around Rs.334/kg for HR wider. Indian material is costlier by Rs.5/kg. 
• For CR wider, the rates are Rs.5/kg higher than HR. SS 201 imported CR 2B (extra-low thicknesses like 0.26 mm) is being retailed at Rs.163–165/kg, ex-Delhi, plus GST. 
• Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.138–142/kg (base price, plus thickness difference extra), plus GST.
• For 1500 mm width, add Rs.4/kg to the above rates for N4 finish in the 300 series.
• Indian flat stainless steel producers are buying scrap after servicing the finished goods at the following latest prices (plus GST):
  1. 304: Rs.1,27,886/MT
  2. 316L: Rs.2,25,065/MT
  3. J5 Patta: Rs.72,000/MT
  4. J8 Patta: Rs.70,000/MT
  5. 430: Rs.56,317/MT

Demand & Supply Shifts

• Demand is down in the 300 series, but in some cases, material shortages are also observed.
• In the 400 series, demand is increasing.
• 200 series demand has further increased and remains upbeat due to a paucity of imported material.
• No.4 PVC material demand is still on the rise in both the 200 and 300 series, as has been the trend in recent months.

Industry News & Policy Moves

• The stainless steel industry is seeking anti-dumping duties on cheap imports to protect local players.
• Jindal Stainless MD Abhyuday Jindal stated that the domestic stainless steel industry has filed a petition with the Directorate General of Trade Remedies (DGTR) for anti-dumping duties on imports from China, Vietnam, and Indonesia.
• The Indian Stainless Steel Development Association (ISSDA), on behalf of the industry, has applied for an investigation into the dumping of stainless steel items in the domestic market from a select group of countries. The industry is now waiting for the DGTR to begin its investigation.
• The DGTR, under the Ministry of Commerce, is the apex authority for administering all trade remedial measures, including anti-dumping, countervailing duties, and safeguard measures.

Market Outlook & Price Expectations

• 300 series prices are expected to remain stable.
• 400 series prices are expected to stay on the higher side.
• 200 series is projected to perform strongly in the domestic market.