Nickel Prices Decline While Copper Gains; Stainless Steel Prices Stable

Stainless Steel Price

• Nickel opened today down by 0.18% at $16,295/ton, while Copper opened today up by 0.27% at $9,415/ton.
• INR opened today against USD at 83.83/-.
• Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper. Plus GST.
• SS 316L imported material is now being retailed in the price range of Rs.317-321/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. 143-148/kg, ex-Delhi, plus GST. Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.140-143/- base price (plus thickness difference extra), plus GST.

Stainless Steel Demand and Supply

• Demand is slightly better in 304 & 316L (CR & HR), in generic sizes, as compared to previous 2 months.
• Not much demand is there in ferritic grades, except some railway fabrication usage in 409M/X2CrNi12/IRSM 44-97 grades.
• Good demand is being observed in No.4/Matte PVCfinish in 201 grades, due to short supply from domestic players, and non-renewal of BIS for imported material.
• Decent demand is also being observed in 304 narrow sizes, for applications like pipes and tubes or rerolling usages, due to short supply in imported material.

Stainless Steel News

• China's stainless steel market saw significant volatility in 2024. Despite persistent supply and demand imbalances in the second half of the year, the upcoming Mid-Autumn Festival and National Day holidays, along with expected interest rate cuts, are influencing market dynamics.
• In June 2024, the European Union’s Joint Research Centre (JRC) reported that the EU relies heavily on imports of stainless steel, as part of the ‘Preparatory Study on Iron and Steel Products’ project.
• In Bangladesh, a decline in construction activity and persistently weak buying interest led to prolonged sluggish demand for imported scrap. This drop in demand was particularly noticeable among rebar sellers and steel suppliers working on government projects.

Expert Opinion

• Both 304 & 316L are expected to have a medium to good run this week, owing to the slight raw material price increase.
• The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
• The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.