Nickel Stable, Copper Gains; Stainless Steel Prices Fluctuate Amid Demand Shifts

Key Updates:

• Nickel and Copper Update: Nickel prices stay stable at $15,465/ton; Copper rises 0.18% to $8,967/ton, reflecting mixed trends in the base metals market.
• Stainless Steel Price Trends: SS 304 and 316L prices vary due to import restrictions. The 200 series sees strong demand amid limited imports, while the 400 series gains traction.
• Global Trade Developments: European CVD exemptions and Vietnam's AD duty removals boost trade. India's safeguard investigation and SSAB's green steel transition impact global stainless steel dynamics.

Stainless Steel Price

• Nickel opened today unchanged at $15,465/ton, while Copper opened up by 0.18% at $8,967/ton.
• The INR opened today against the USD at 85.39/-.
• The current retail price for 304 CR wider 2B is approximately Rs.195-198/kg basic price range, ex-Delhi, while for narrow material, it is Rs.3-5/kg cheaper, plus GST.
• SS 316L HR imported material is being retailed in the price range of Rs.318-322/kg for HR wider. Indian material is more 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 thickness like 0.26mm) is being retailed at Rs.165-167/kg, ex-Delhi, plus GST.
• Domestic 201 (the cheapest grade) is being retailed in the price range of Rs.143-145/kg base price (plus thickness difference extra), plus GST.

Stainless Steel Demand and Supply

• Demand is slightly improving in the 300 series, but not significantly, due to a cash crunch.
• In the 400 series, demand is seen to be increasing.
• The 200 series demand has further increased and is upbeat due to the paucity of imported material.
• No.4 PVC material demand continues to rise in both the 200 and 300 series, as observed over the past few months.

Stainless Steel News

• European Commission CVD Exemption Announcement (Dec 19, 2024): Lam Khang Joint Stock Company and specific firms in Taiwan, Turkey, and Vietnam have been exempted from countervailing duties on stainless steel flat products. The exemptions began on May 8, with excess duties being refunded.
• Eurasian Economic Commission AD Duty Extension (Dec 20, 2024): A 15.50% anti-dumping duty on corrosion-resistant stainless steel seamless pipes from China has been extended to September 24, 2025. The duty covers pipes with diameters up to 650mm under specified HS codes.
• Vietnam Lifts AD Duties, Trade Boosts (Oct 2024): Vietnam’s removal of anti-dumping duties on cold-rolled stainless steel from Taiwan, China, Malaysia, and Indonesia increased Taiwan's November exports by 39% and China's by 23%, highlighting regional trade growth.
• Brighton-Best Market Impact of US Fed Rate Cut: Brighton-Best, a Ta Chen subsidiary, benefits from increased US construction demand. A Texas plant expansion will boost aluminum capacity, while potential US tariffs on China-origin products may impact costs.
• Nippon Steel-US Steel Acquisition Update: Nippon Steel's $2.7 billion U.S. Steel deal awaits CFIUS approval. If unresolved by January 20, the decision will move to President Biden. Trump has threatened opposition without a timely resolution.
• India Launches Steel Safeguard Investigation (Dec 19, 2024): The DGTR has launched an investigation into steel flat product imports at the request of the Indian Steel Association. Exclusions include electrical steel, tinplate, and stainless steel. The investigation spans October 2023 to September 2024.

Expert Opinion

• Prices for the SS 300 series are expected to rise due to the high USD.
• SS 400 series prices are expected to remain high due to BIS issues.
• The SS 200 series is also expected to perform very well domestically, as imports remain restricted.