Stainless Steel Market Mixed: 300 Series Weak, 200 & 400 Series Gain Strength

Key Highlights

• Current Price Levels: 304 CR wider 2B at ₹200–205/kg ex-Delhi; 316L HR imported around ₹350/kg; 201 domestic at ₹142–146/kg (plus GST).
• Demand Trends: 300 series sluggish; 400 series improving; 200 series strong with limited imports; No.4 PVC finish gaining traction.
• Global & Domestic News: EU steel market under tariff pressure; India’s steel index at a five-year low; iron-ore production up 3% y-o-y in H1 2025.
• Outlook: 300 series stable, 400 series firm, and 200 series expected to stay strong.

Stainless Steel & Scrap Price Snapshot (India and Global Metals)

• Nickel is trading at $15,425/ton, while Copper is at $10,150/MT. The INR opened at 88.09 against the USD today.
• In the domestic market, the current retail price for 304 CR wider 2B is running at ₹200–205/kg (basic, ex-Delhi), while the narrow variant is ₹8–10/kg cheaper, plus GST
• SS 316L HR imported material is being retailed around ₹350/kg for HR wider, while Indian material is costlier by about ₹5/kg. For CR wider, rates are ₹5/kg higher than HR.
• SS 201 imported CR 2B (extra-low thicknesses like 0.26mm) is priced at ₹166–169/kg (ex-Delhi, plus GST). Meanwhile, domestic SS 201 (the cheapest grade) is at ₹142–146/kg (base price, plus GST), with additional charges for thickness differences.
• For 1500mm width, an additional ₹4/kg is charged over the above rates for No.4 finish in the 300 series.

Scrap Buying Prices (ex-plant, plus GST):

• 304: ₹1,27,886/MT
• 316L: ₹2,25,065/MT
• J5 Patta: ₹72,000/MT
• J8 Patta: ₹70,000/MT
• 430: ₹56,317/MT

Demand–Supply Overview: 200, 300 & 400 Series Performance

• Demand in the 300 series is down, though some shortages are still noted.
• In the 400 series, demand is showing an upward trend.
• The 200 series continues to see robust demand, supported by limited imports.
• No.4 PVC material demand is rising steadily across both the 200 and 300 series, in line with recent months.

Global & Domestic Market Developments Impacting Stainless Steel

• The EU steel market is expected to remain under bearish pressure through CY’25 amid US tariff threats, with Q2 imports down 3% y-o-y and exports falling by a sharper 12%. 
• While apparent consumption for CY’25 has been revised to -0.2% (from -0.9%), recovery is only projected from CY’26 at a slower growth rate. 
• In India, iron ore production rose 3% y-o-y in H1 2025 to 158 mnt, led by NMDC (25 mnt, +4%), Tata Steel (+12%), and Rungta Mines (+10%), while JSW Steel (-20%) and OMC (-13%) declined; “Others” grew 31%. 
• Meanwhile, India’s steel index touched a 5-year low, with BF rebar prices dropping INR 100/t w-o-w, HRC trade tags holding steady, and CRC prices easing. Sentiment may improve ahead of the festive season, supported by expected GST reforms. 
• In stainless steel, India’s imports of SS flats in H1CY’25 grew modestly by 2% y-o-y, with Indonesia remaining the top supplier as China’s share fell sharply, while SS scrap imports surged 40% amid lower semi-finished arrivals.

Market Outlook: Near-Term Price and Demand Expectations

• 300 series prices are expected to remain stable.
• 400 series prices are likely to stay firm.
• 200 series demand is upbeat and expected to perform strongly in the domestic market.