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.
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