Stainless Steel Demand Grows in 200 & 400 Series; 300 Series Set to Rise

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.