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

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.

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%.

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.