Nickel Prices Rise, Stainless Steel Market Sees Rising Demand Amid Import Shortages
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Stainless steel prices remained steady, with 304 CR at Rs.197-199/kg and 316L HR at Rs.318-322/kg for imported material. The 200 series saw strong demand due to import shortages, while 300 and 400 series demand showed gradual improvement. Experts predict further price increases, particularly for the 300 and 400 series.
Key Takeaways
- Price Trends: Nickel prices went up while Copper went down. 304 and 316L stainless steel prices remain stable.
- Demand & Supply: The 200 series demand is rising due to limited imports. The 300 series is improving marginally, the 400 series is gaining traction, and No.4 PVC material continues to see strong demand.
- Market Outlook: Prices for the 300 and 400 series are likely to rise further, driven by a strong USD and regulatory factors.
- Global Market: EU mills raised April delivery prices, but sales remain sluggish ahead of potential safeguard measures in March.
- Raw Materials: Nickel pig iron prices increased 1.6%, while Chinese stainless steel scrap prices (grade 304) followed a similar trend.
Stainless Steel Price:
- Nickel opened today up by 0.20% at $15,405/mt, while Copper opened today down by 0.25% at $9,471/mt.
- INR opened today against USD at 86.86/-.
- 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:
- The cash constraint is causing demand in the 300 series to marginally improve, but not significantly.
- Demand in the 400 series is also seen to be rising.
- Due to the lack of imported material, demand in the 200 series has climbed even more and is optimistic.
- As anticipated, No. 4 PVC material demand has continued to increase in recent months for both the 200 and 300 series.
Stainless Steel News:
- The European stainless steel plate market shows slight recovery, with mills raising April delivery prices. Sales have improved, but profit margins remain tight. The market is expected to stay slow until the EU announces safeguard measures in March, which could boost sales.
- Taiwan’s Feng Hsin Steel kept scrap, rebar, and section steel prices stable, aligning with market expectations. US scrap shipments had no offers last week, while Japan’s H2 scrap price remained at $320/mt, and Australia’s iron ore increased 2.2% to $108.9/mt.
- South Africa’s ITAC decided not to impose provisional anti-dumping duties on certain flat-rolled steel imports from China, Japan, and Taiwan, citing no material injury to local industry.
- Nickel pig iron FOB Indonesia prices increased 1.6%, alongside a similar increase in Chinese stainless steel scrap prices (grade 304).
Expert Opinion:
- 300 series prices are expected to rise in the current scenario, since USD is high.
- 400 series prices are expected to stay high due to the BIS issue.
- 200 series is also anticipated to do very well domestically due to limited imports.
Daily Market Report
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Stainless Steel Rates Firm; 200 Series Sees Strong Domestic Demand
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Stainless steel prices remain mostly stable despite rising nickel and copper prices. The 200 series continues to show strong domestic demand due to limited imports, while the 300 and 400 series see a mild pickup in activity. Global market developments—including tariffs, anti-dumping measures, and raw material trade moves—are expected to influence pricing and supply dynamics in the coming weeks.
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