Nickel Slips, Copper Climbs as Stainless Steel Prices Hold Steady
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Nickel prices fell by 0.38% to $15,815/mt, while copper saw a 1.23% increase, opening at $9,391/mt today. Stainless steel prices remain steady, with 304 CR wider 2B at Rs.197-199/kg, while SS 316L HR is priced between Rs.318-322/kg. Demand for 200 series remains strong due to limited imports, while the 300 and 400 series show marginal improvements.
Key Insights
- Nickel Prices Down, Copper Up: Nickel dropped 0.38% to $15,815/mt, while copper increased 1.23% to $9,391/mt.
- Stainless Steel Prices Stable: Prices for 304 CR wider 2B are steady at Rs.197-199/kg, while SS 316L HR is priced between Rs.318-322/kg ex-Delhi.
- Demand Trends: 300 series demand stable, 400 series rising, and 200 series strong due to import shortages.
- Global Production Growth: Global stainless steel production grew by 5.4% YoY, with China leading at 28.6M mt, followed by strong gains in Europe and the U.S.
- Price Hikes Expected: 300 series prices are expected to rise due to a strong USD, with the 400 series remaining high, and robust domestic performance for the 200 series.
Stainless Steel Price:
- Nickel opened today down by 0.38% at $15,815/mt, while Copper opened today up by 1.23% at $9,391/mt.
- INR opened today against USD at 87.44/-.
- 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:
- According to the World Stainless Association (Worldstainless), global stainless steel production increased 5.4% YoY to 46.1M mt (Jan–Sep 2024). China’s output increased by 3.4% to 28.6M mt, while Europe, the U.S., and other regions saw growth of 4.9%, 9.1%, and 11.2%, respectively.
- LME nickel futures went up by $265/mt to $15,535/mt on Feb 5, driven by a weak U.S. dollar and delayed tariffs on Canada & Mexico. SHFE nickel surged 3.4% due to Indonesia’s mining quota cuts and possible export restrictions.
- Taiwanese, Chinese, and European stainless steel producers raised prices for February, mainly for the 300 series, following rising nickel costs.
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 Drops, Copper Gains; Global Tariff Wars Stir Uncertainty in Stainless Steel Market
Stainless steel prices remained stable, with 304 CR at Rs.197-199/kg and 316L HR at Rs.318-322/kg. Demand for the 200 series surged due to import shortages, while 300 series saw slight improvement. Experts anticipate price hikes in the 300 and 400 series. Meanwhile, global trade tensions escalated as Brazil prepared countermeasures against US steel tariffs.
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U.S. Tariffs Shake Global Steel Market; Nickel Drops 1%
Nickel fell 1% to $15,420/MT, while copper declined 0.43%, impacting stainless steel costs. Demand for the 200 series is rising due to import shortages, while 300 and 400 series remain stable. Prices may increase as USD remains high and regulatory constraints tighten supply. Meanwhile, the U.S. imposed 25% tariffs on steel imports, affecting global trade.
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