Stainless Steel Market: 200 Series Outperforms on Reduced Imports, Demand Slump in 300 Series

The stainless steel market remains mixed, with the 300 and 400 series facing low demand, while the 200 series sees increased interest due to limited imports. Prices across various grades remain steady, with slight variations between imported and domestic materials.

Key Insights

  • Weak Demand in 300 Series: Weak demand persists due to cash constraints. Continued sluggishness expected in future.
  • SS 400 Series Demand Low: Demand remains subdued. Ferritic grades like 409M and 409L also weak.
  • SS 200 Series Prices Strong: Strong performance driven by reduced imports and rising No.4 PVC demand.
  • Nickel Price Increase: Global nickel prices rose, but oversupply concerns remain.

[Stainless Steel..png

Stainless Steel Prices

  • Nickel opened today unchanged at $15,785/mt, while Copper opened today up by 0.32% at $9,117/mt.
  • INR opened today against USD at 84.39/-.
  • 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. 165-167/kg, ex-Delhi, plus GST.
  • Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.143-145/- base price (plus thickness difference extra), plus GST.
  • 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

  • Demand is still low in 300 series due to cash crunch.
  • In 400 series also demand is not up to the mark.
  • 200 series demand has rather increased and is upbeat due to lack of imported material.
  • No.4 PVC material demand is still on the rise, both in 200 and 300 series, as has been observed in the past few months.

Stainless Steel News

  • The US Department of Commerce lifted AD and CVD measures on refillable stainless steel kegs from China and Mexico due to no responses from domestic parties.
  • Viraj Profiles Limited launched a Piercer Mill in Boisar, Maharashtra, to produce high-strength seamless stainless steel pipes, marking its entry into this high-demand segment.
  • Tata Steel plans to import liquid hydrogen from Norway to Amsterdam for green steel production, with agreements for transport, storage, and CO2 capture for offshore storage in Norway.
  • LME nickel prices rose by $189/mt to $15,729/ton, driven by lower prices attracting buyers. However, the market remains oversupplied with weak demand.

Banner with newslink.png

Expert Opinion

  • SS 300 series is expected to continue its dull run, in the recent scenario.
  • SS 430 and 410S performance is being marked as average, while 409M & 409L, in ferritic grades, are expected to be continuing in the dull category, due to a lack of demand.
  • The 200 series is expected to be performing satisfactorily, in all grades and finishes, especially in thinner sections and No.4 PVC/Matte finishes.

Tenders You Can Bid On

ved bot