Nickel Prices Surge as Stainless Steel Market Faces Supply Challenges
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Stainless steel prices remain strong, with 304 CR wider 2B retailing at Rs 197-199/kg and SS 316L HR at Rs 318-322/kg for imported material. Limited imports continue to push 200 series prices higher, while cash constraints slightly improve 300 series demand. The London Metal Exchange (LME) nickel price surged past $16,500/mt, supported by a weaker USD and higher stainless steel production in China.
Key Takeaways
- Stainless Steel Prices: Prices remain firm, with the 200 series seeing the highest demand due to import shortages.
- Raw Material Prices: Nickel increased by 0.70% to $16,520/mt, while Copper decreased by 0.09% to $9,520/mt.
- Nickel Market: LME nickel prices surpassed $16,500/mt, hitting a four-month high amid strong Chinese demand and a weaker USD.
- Trade Policy Impact: The US is imposing a 25% tariff on steel imports, raising concerns about global supply disruptions.
- Market Outlook: Experts expect price increases in the 300 and 200 series, driven by high USD exchange rates and supply constraints.
Stainless Steel Price:
- Nickel opened today up by 0.70% at $16,520/mt, while Copper opened today down by 0.09% at $9,520/mt.
- INR opened today against USD at 87.29/-.
- 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.
- 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:
- London Metal Exchange (LME) nickel futures continued their upward trend last Friday (March 7), rising by over US$200 to surpass US$16,500. The increase was driven by a weaker US dollar and China’s February stainless steel production growth. Strong stainless steel futures further supported the rise, marking the highest level in four months.
- European Commission President Ursula Von der Leyen announced an action plan for March 19 to support the EU steel sector amid challenges like US tariffs. The plan will include measures to make "clean" steel production commercially viable and address unfair trade practices.
- The US is set to impose a 25% tariff on all imported steel, which could slow global steel trade and accelerate localized trade. ICAP, a major commodities broker, stated that supply chain disruptions might benefit shipping but pose risks to global trade.
Expert Opinion:
- 300 series prices are 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.
- 200 series is also expected to do very well domestically due to limited imports.
Daily Market Report
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Nickel & Copper Prices Surge as Stainless Steel Prices Hold Firm
Stainless steel prices remain steady, with 304 CR 2B retailing at Rs 197-199/kg (ex-Delhi). Limited imports are driving demand for the 200 series, while the 300 and 400 series see marginal improvement. Nickel hit a four-month high at $16,551/mt, supporting price expectations. The market outlook remains positive, with 300 and 200 series expected to gain strength due to supply constraints.
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Nickel Prices Rise; Stainless Steel Market Sees Supply Constraints and Global Trade Tensions
Stainless steel prices remain stable as nickel and base metals continue to rise. Demand for 200 and 400 series improves, while 300 series sees marginal growth. Global trade tensions, including US tariffs on Canadian and Brazilian steel, may impact market dynamics. Import constraints support higher domestic prices. Experts predict price firmness across series.
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