Stainless Steel Market Firm; 200 Series Strengthens While Supply Worries Persist in 300 Series

Key Takeaways

• ISSDA to Seek AD Duty: Stainless steel producers will file an anti-dumping complaint with DGTR, aiming to curb cheaper imports.
• 300 Series Faces Tight Supply: Demand is growing, but tight supply continues to support firm pricing in the 300 series.
• 200 Series Remains Strong: Domestic demand is upbeat due to a shortage of imported material, keeping prices stable.
• PVC Finish Drives Interest: No.4 PVC-coated stainless steel continues gaining traction in both 200 and 300 series grades.
• Scrap Prices Stay Elevated: Rising scrap purchase rates indicate sustained cost pressures for Indian stainless producers.

Stainless Steel Price:

• Nickel prices are at $15,640/MT, while copper prices are at $9544/MT.
• INR opened today against USD at 85.41/-
• 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.330/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:

• Demand is slightly getting better in 300 series, but there is a shortage of supply.
• In 400 series also, demand is seen to be increasing.
• 200 series demand has further increased and is upbeat, due to lack of imported material.
• No.4 PVC material demand is still on the rise as expected in the past few months, both in 200 and 300 series.

Stainless Steel News:

The Indian Stainless Steel Development Association( ISSDA), the representative body of domestic stainless steel producers, will lodge a complaint with the Directorate General of Trade Remedies(DGTR) seeking dumping investigations and antidumping ( AD)  duty on stainless steel imports into the country, Jindal Stainless Limited Managing director Abhyuday Jindal said in a statement on Monday, 12 May, 2025.

The ISSDA will file application within the next few weeks.

Expert Opinion:

• In terms of pricing, the 300 series is likely to see an upward trend.
• Prices for the 400 series are also expected to stay elevated.
• The 200 series is also expected to perform well in the domestic market.