Nickel Prices Drop, but Stainless Steel Demand Remains Resilient

Key Takeaways

• Price Fluctuations: Nickel prices decreased by 0.22%, while copper increased by 0.72%, influencing stainless steel prices.
• Series Demand: 200 series demand continues to rise due to a lack of imported material, while 300 and 400 series see gradual improvements.
• Retail Prices: Prices for 304 CR wider 2B range from Rs.195-198/kg, with slight price differences for Indian and imported materials.
• International Market: Nippon Steel raised prices for nickel-based cold-rolled stainless steel due to raw material cost increases.

Stainless Steel Prices

• Nickel opened today down by 0.22% at $15,725/mt, while Copper opened today up by 0.72% at $9,283/mt.
• INR opened today against USD at 84.86/-.
• Current retail price for 304 CR wider 2B is now running approximately at Rs.195-198/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.
• Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):- 304: Rs.1,27,886/mt 316L: Rs.2,25,065/mt J5 Patta: Rs.72,000/mt J8 Patta: Rs.70,000/mt 430: Rs.56,317/mt

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.
• SS 200 series demand has further increased and is upbeat, due to shortage of imported material.
• No.4 PVC material demand is still on the rise, both in 200 and 300 series, as observed in the past few months, as expected.

Stainless Steel News

• Nippon Steel Stainless Steel Corp. (NSSC) raised the price of nickel-based cold-rolled stainless steel by 5,000 yen per mt for December, the first increase since June 2024, due to higher raw material costs from the yen’s depreciation.
• Brazil’s SECEX ruled on an anti-dumping (AD) order for stainless steel pipes from India and Taiwan, proposing provisional duties of up to US$1,132.89/mt for Taiwan and US$1,086.35/mt for India, with the investigation extended until March 2025.
• China is seeking feedback on guidelines to standardize steel industry emissions and include steel mills in the national carbon market by the end of 2024.

Expert Opinion

• SS 300 series prices are expected to rise in the current scenario, since USD is high.
• SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• SS 200 series is also expected to perform very well, domestically, as imports are choked.