Nickel Jumps 0.77%, Stainless Steel Prices Hold Firm Amid Strong Demand
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Nickel and copper opened higher today, driving positive sentiment in the stainless steel market. The 200-series continues to see strong demand due to limited imports, while the 300 and 400 series show steady growth. With a high USD, stainless steel prices, particularly in the 300-series, are expected to rise. Meanwhile, Maharashtra signed a major INR 12,000 crore deal for a new stainless steel plant.
Key Takeaways
Nickel and Copper Surge: Nickel rose 0.77% to $15,675/mt, while copper gained 1.13% to $9,344/mt, boosting stainless steel sentiment.
200-Series Demand Stays Strong: Limited imports continue to drive demand, keeping domestic prices firm.
Maharashtra Announces New Plant: Viraj Profiles and Maharashtra government have signed a Rs 12,000 crore agreement for the establishment of an Integrated Stainless Steel Plant in Palghar, Maharashtra.
Global Tariffs Impact Markets: The US delayed a 25% tariff on Canadian and Mexican metals, while China imposed new tariffs on US goods.
300-Series Prices May Rise: A strong USD and cost pressures are expected to push prices higher in the coming days.
Stainless Steel Price:
- Nickel opened today up by 0.77% at $15,675/mt, while Copper opened today up by 1.13% at $9,344/mt.
- INR opened today against USD at 87.43/-.
- 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 for the 300 series is showing slight improvement, though not significantly, due to ongoing cash flow challenges.
- The 400 series is also witnessing a gradual rise in demand.
- The 200 series remains strong, driven by a shortage of imported material.
- No.4 PVC material demand continues to rise across both the 200 and 300 series, a trend that has been consistently observed over the past few months.
Stainless Steel News:
- The Maharashtra government signed an INR 12,000 crore MoU with Viraj Profiles to set up an integrated stainless steel plant in Palghar, creating 3,500 jobs and promoting regional development.
- Nickel prices on the LME increased by US$62/mt to US$15,270/mt, with inventory levels increasing. Market sensitivity to trade policies, including US tariff decisions, continues to impact price movements.
- The US delayed a 25% tariff on metal imports from Canada and Mexico, which could affect supply chains and pricing if enforced.
- China announced new tariffs of up to 15% on US coal, LNG, and luxury cars, effective February 10, in retaliation for US trade policies.
Expert Opinion:
- In terms of pricing, the 300 series is likely to see an upward trend due to the high USD exchange rate.
- Prices for the 400 series are also expected to stay elevated, influenced by the BIS issue.
- The 200 series is performing well in the domestic market as limited imports continue to support strong demand.
Daily Market Report
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Stainless Steel Prices Stay Strong as Nickel and Copper Open Higher
Nickel opened higher today, boosting stainless steel price sentiments. Imported 200-series stainless steel remains in short supply, driving up domestic demand. Cash constraints have limited significant improvement in 300-series demand, while 400-series prices stay strong due to BIS regulations. Meanwhile, Taiwanese mills have raised 300-series prices, citing currency fluctuations and global cost pressures.
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Stainless Steel Prices Hold Steady, Rising Raw Material Costs May Push Prices Higher
Stainless steel prices remain stable, with 200 series demand continuing to rise due to limited imports. Global trade policies, including EU anti-dumping duties and U.S. tariffs, are shaping market conditions. Prices are expected to increase in the coming days.
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