Stainless Steel Demand Grows in 200 & 400 Series; 300 Series Set to Rise
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Stainless steel prices in India are holding steady with strong performance in the 200 and 400 series, while the 300 series sees a slow but positive uptick in demand. Import pressures, especially from China and ASEAN countries, have led the Indian industry to seek protection through safeguard duties. Meanwhile, No.4 PVC material demand continues to rise, and retail pricing remains firm.
Key Takeaways
- Retail Prices Firming: Retail prices for 304, 316L, and 201 stainless remain steady, driven by tight supply and strong consumption trends.
- 200 Series Leading Demand: Import challenges are keeping 200 series demand high, especially for CR 2B coils in thinner gauges.
- Scrap Rates Holding: Scrap buying by mills remains strong, with 304 at Rs 1.28L/MT and 316L at Rs 2.25L/MT.
- Industry Seeks Safeguard Duty: ISSDA calls for tariffs to counter rising imports from China, Vietnam, Indonesia, and South Korea.
- 300 Series Outlook Positive: With cash constraints easing slightly, demand for the 300 series is slowly recovering and prices may rise.
Stainless Steel Price:
- Nickel prices at $15,695/MT, while copper prices at $9,337.5/MT.
- INR opened today against USD at 84.79/-
- Current retail price for 304 CR wider 2B is now running approximately at Rs.189-194/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.8-10/kg cheaper. Plus GST.
- SS 316L HR imported material is now being retailed in the price range of Rs.328/kg for HR wider. Indian material is expensive by Rs.5/kg. For CR wider, the rates are Rs.5/kg higher than HR.
- SS 201 imported CR 2B (extra low thicknesses like 0.26mm) is being retailed at Rs. 163-165/kg, ex-Delhi, plus GST. Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.138-142/- base price (plus thickness difference extra), plus GST. In case of 1500 width extra Rs 3/kg from above rates.
- Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):-
- 304: Rs.1,27,886/ MT
- 316L: Rs.2,25,065/ MT
- J5 Patta: Rs.72,000/ MT
- J8 Patta: Rs.70,000/ MT
- 430: Rs.56,317/ MT
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:
- India’s stainless steel manufacturers have urged the government to impose safeguard duties to counter rising imports of low-cost finished steel, primarily from China and ASEAN nations. The Indian Stainless Steel Development Association (ISSDA) warned that the influx is threatening local industry stability.
- Industry leaders called for tariff hikes, stricter trade measures, and greater support under ‘Make in India’ to protect MSMEs and bolster domestic production. Imports rose 3% year-on-year in FY25, with key volumes coming from China, Indonesia, Vietnam, and South Korea. The issue will be a key topic at the Global Stainless-Steel Summit 2025 in June.
Expert Opinion:
- 300 series prices are expected to rise.
- 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
- 200 series is also expected to perform very well, domestically, due to import challenges.
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