Stainless Steel Market Holds Steady Amid Diverging Grade Demand and Robust FY25 Growth

Key Highlights

• 200 series demand surges amid import scarcity
• 304 CR (wider) prices at ₹189–194/kg; 316L HR at ₹334/kg
• ISSDA reports 8% stainless steel consumption growth in FY25
• Scrap buying stable; 304 at ₹1,27,886/MT, 316L at ₹2,25,065/MT

Latest Stainless Steel Price Range Across Grades

• Nickel prices are currently at $15,300 per ton, while copper is trading at $9,984 per ton. The Indian rupee opened today at 85.59 against the US dollar.
• Retail prices for 304 cold-rolled (CR) wider 2B stainless steel are running at approximately Rs.189-194 per kg (basic), ex-Delhi. For narrower sizes, prices are about Rs.8-10 per kg lower, plus applicable GST.
• For 316L hot-rolled (HR) imported material, current retail prices are around Rs.334 per kg for HR wider. Indian-produced material is priced higher by about Rs.5 per kg. For cold-rolled wider material, the rate is also Rs.5 per kg more than hot-rolled.
• SS 201 imported CR 2B, especially in extra-low thicknesses such as 0.26mm, is being sold at Rs.163-165 per kg, ex-Delhi, plus GST. Domestic SS 201, one of the more affordable grades, is currently priced between Rs.138-142 per kg (basic), with extra charges applicable for thickness variation and GST.
• For 1500 mm width and N4 finish in the 300 series, an additional Rs.4 per kg applies over the mentioned rates.
• Indian flat stainless steel producers are procuring scrap post-finished goods servicing at the following rates (plus GST):
  a. 304 grade at Rs.1,27,886 per MT
  b. 316L grade at Rs.2,25,065 per MT
  c. J5 Patta at Rs.72,000 per MT,
  d. J8 Patta at Rs.70,000 per MT, and
  e. 430 grade at Rs.56,317 per MT.

Grade-Wise Demand Trends: 200 Series Upbeat, 300 Series Muted

• Demand in the 300 series has declined, although certain segments are experiencing material shortages.
• In the 400 series, demand is showing signs of growth.
• The 200 series continues to witness strong demand, largely driven by limited availability of imported material.
• No.4 PVC finish material remains in high demand across both the 200 and 300 series, continuing the trend observed over the past few months.

Market News: ISSDA Forecasts Long-Term Growth in Stainless Steel Demand

• According to the Indian Stainless Steel Development Association (ISSDA), India's stainless steel consumption reached 4.85 million tons in the fiscal year 2024-25, a year-on-year increase of 8%. The association said the country's stainless steel market remains strong and is one of the fastest-growing globally, despite various challenges.
• Rajamani Krishnamurti, President of ISSDA, stated that the current production capacity is 7.5 million tons, with 60% utilization. He said there is substantial production growth potential with supportive policies and continued demand.
• ISSDA forecasts stainless steel consumption to climb to 12.5-12.7 million tons by the fiscal year 2040 and 19-20 million tons by the fiscal year 2047, driven by expanding uses in sectors such as green energy, water storage, defense, and aerospace.

Market Outlook: 300 Series Stable, 400 Series to Stay Firm

Prices for the 300 series are expected to remain stable in the near term. The 400 series is likely to maintain its upward price trend. The 200 series is anticipated to perform strongly in the domestic market.