Stainless Steel Demand Mixed; Indian Manufacturer Raises 200 Series Prices Amid Import Shortage

The stainless steel market is experiencing mixed demand across different series, with the 200 series showing steady demand, while 300 and 400 series demand is lower. Prices for 304 CR, 316L HR, and 201 CR remain stable, with an uptick in 200 series pricing following an import shortage. Nickel prices dipped, and copper saw a modest rise.

Key Takeaways

  • Price Overview: SS 304 CR priced at Rs.195-198/kg, SS 316L HR at Rs.318-322/kg, and SS 201 CR at Rs.140-148/kg; ex-Delhi.
  • Mixed Demand Trends: SS 300 and 400 series face weaker demand, while 200 series maintains strong demand due to import shortages.
  • Market Shifts: No.4 PVC material demand rising as domestic supply remains limited.
  • Industry Price Movements: Indian producer raises 200 series CR prices by Rs. 2,000/mt and HR by Rs. 4,000/mt due to import shortfall.

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Stainless Steel Prices

  • Nickel opened today down by 0.47% at $15,910/ton, while Copper opened today up by 0.26% at $9,166/ton.
  • INR opened today against USD at 84.40/-.
  • Current retail price for 304 CR wider 2B is now running approximately at Rs.195-198/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. 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 has gone down at present in 300 series, due to lack of funds, in the market.
  • Even in ferritic grades, demand is not that great.
  • SS 200 series demand is still there, due to a lack of imported material.
  • No.4 PVC material demand is on the rise, both in 200 and 300 series, due to a lack of production of this finish from the domestic suppliers and scarce availability of stock.

Stainless Steel News

  • An Indian stainless steel manufacturer increased prices for 200 series cold-rolled (CR) by Rs. 2,000/mt and hot-rolled (HR) by Rs. 4,000/mt due to a shortage of 200 series imports. Prices for the 300 and 400 series remain unchanged.
  • Russia's stainless steel imports fell by nearly 4% year-on-year to 227,000 mt in the first half of this year. Indonesia’s nickel reserves are depleting rapidly, prompting government warnings and calls for intensified exploration to support its downstream program.
  • Following the election of Donald Trump, US stock indices rose significantly, with the Dow Jones up 4.2%, S&P 500 up 3.9%, and the NASDAQ Composite gaining 4.6%.

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Expert Opinion

  • SS 300 series is expected to have a dull run in the present and upcoming week, because of payment shortage and upcoming festive holidays.
  • SS 400 series performance is also expected to be dull, except 410S grade, where there will be considerable demand in thinner gauges.
  • The SS 200 series is expected to be performing satisfactorily, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.

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