Stainless Steel Costs Increase as Nickel and Copper Continue Uptrend
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Nickel and copper prices saw further increases, pushing stainless steel costs higher. The 304 CR wider 2B price in Delhi is around Rs 198-201/kg, while SS 316L ranges from Rs 317-321/kg. Experts predict a stable to strong performance for 304 and 316L, driven by rising raw material costs.
Stainless Steel Price
- Nickel opened today up by 0.91% at $17,650/ton, while Copper opened today up by 0.59% at $9,887/ton.
- INR opened today against USD at 83.81/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
- SS 316L imported material is now being retailed in the price range of Rs.317-321/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. 143-148/kg, ex-Delhi, plus GST.
- Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.140-143/- base price (plus thickness difference extra), plus GST.
Stainless Steel Demand and Supply
- Demand is slightly better in 304 & 316L (CR & HR), in generic sizes, as compared to the previous 3 months.
- Not much demand is there in ferritic grades, except some railway fabrication usage in 409M/X2CrNi12/IRSM 44-97 grades.
- Good demand is being observed in No.4/Matte PVCfinish in 201 grades, due to short supply from domestic players, and non-renewal of BIS for imported material.
- Decent demand is also being observed in 304 narrow sizes, for applications like pipes and tubes or rerolling usages, due to short supply in imported material.
Stainless Steel News
- Walsin Lihwa, a Taiwanese stainless steel wire rod and cable manufacturer, announced the price of its stainless steel wire rod for October. For domestic sales, the price of the 200, 300, and 400 series was kept unchanged, and the surcharge for the 316 series and welding rod steel was also maintained. For export sales, the price of the 300 series was increased by US$30/ton due to the appreciation of the Taiwan dollar.
- Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, said it would take a bargaining method based on the price and quantity in September for the October offers.
- Tang Eng Iron Works Co., Ltd., another major stainless steel manufacturer in Taiwan, kept the price of 304 hot-rolled and cold-rolled products unchanged for October.
- The European Commission announced that it has decided to register all imported products under anti-dumping or anti-subsidy investigations. This decision is to deal with unfair competition, such as overcapacity.
- Nickel prices on the Asian commodity exchange SHFE increased sharply on Monday with a plus of more than 3.2%.
- In response to the rise in nickel prices, Chinese spot market prices for stainless steel have also increased.
Expert Opinion
- Both 304 & 316L are expected to have a medium to good run in this week, owing to the slight raw material price increase.
- The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
- The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.
Daily Market Report
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