Nickel Weakens, But Stainless Steel Prices Stay Firm on Strong Demand
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Stainless steel prices remain strong, driven by increasing raw material costs, supply constraints, and higher demand. Nickel prices opened lower, but domestic rates for 304, 316L, and 201 grades have increased. The 200 series is performing well due to limited imports, while 300 and 400 series prices remain firm. Global price hikes, including Tsingshan’s fifth increase in March, are influencing local markets.
Key Takeaways
- Stainless Steel Prices Strong: Domestic rates for 304, 316L, and 201 grades are firm due to rising nickel and ferroalloy costs.
- Global Price Hikes Continue: Indonesia’s Tsingshan raised export prices again, impacting stainless steel costs worldwide.
- Imported Material Shortages: Limited availability of imported stainless steel is pushing domestic demand higher, especially in the 200 series.
- Global Nickel and Scrap Prices Surge: Global nickel prices have increased, with stainless steel scrap rates jumping over 2.3% in some regions.
- 300 Series Prices to Stay Firm: Experts predict further price hikes in the 300 series due to exchange rate fluctuations and supply constraints.
Stainless Steel Price:
- Nickel opened today down by 0.52% at $16,325/mt, while Copper opened today up by 0.07% at $9,869/mt.
- INR opened today against USD at 86.69/-.
- 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:
- Indonesia’s Tsingshan raised export prices for the fifth time in March, with a total increase of $80/mt, bringing 304 black coil prices to $1,780/mt. Despite weak demand, rising raw material costs are driving up prices.
- India’s major stainless steel producer increased 304-grade prices by Rs 2,000/MT, bringing March’s total hike to Rs 6,000/MT. The surge is attributed to rising nickel and ferroalloy costs, strong demand, and import restrictions.
- Nickel prices increased on SHFE and LME, with stainless steel scrap prices jumping over 2.3% in some cases. Spot stainless steel prices have increased by 3.2% since early March.
- Taiwan’s Feng Hsin Steel kept rebar, scrap, and section steel prices unchanged, while Australian iron ore prices climbed to $103.95/mt. Japan’s H2 scrap and US containerized scrap prices remained stable.
Expert Opinion:
- In terms of pricing, the 300 series is 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.
- The 200 series is performing well in the domestic market as limited imports continue to support strong demand.
Daily Market Report
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Nickel and copper prices rise as stainless steel markets see mixed trends. Demand for the 300, 400, and 200 series fluctuates, while global trade policies, including US and South Korean tariffs, impact pricing and supply dynamics.
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Nickel Drops, But Stainless Steel Prices Hold Firm
Nickel opened lower at $16,485/mt (-1.41%), while copper saw a slight dip to $9,769/mt. Despite cash flow constraints, demand for stainless steel remains steady, with the 200 series benefiting from limited imports. Global trade developments, including US tariffs on South Korean steel and Canada’s countermeasures, add uncertainty to the market. Prices for the 300 and 400 series are expected to rise, with domestic demand supporting the 200 series.
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