Stainless Steel Market Sees Price Stability Amid Increasing Demand

Key Takeaways

• Nickel and Copper Trends: Nickel opened down at $15,430/mt, while copper fell to $8,988/mt. INR stands at 85.82 against USD.
• Domestic Pricing Update: 304 CR wider 2B at Rs. 195-198/kg, 316L HR at Rs. 318-322/kg, and 201 CR at Rs. 165-167/kg.
• Demand Growth: 300 and 400 series demand is improving; 200 series is upbeat due to restricted imports.
• Global Developments: YC Inox TR launches a stainless steel pipe plant in Turkey; Acerinox announces 2025 alloy surcharges.
• Expert Predictions: 300 and 400 series prices likely to rise due to high USD and BIS issues; 200 series remains robust.

Stainless Steel Prices:

• Nickel opened today down by 0.06% at $15,430/mt, while Copper opened today down by 0.17% at $8,988/mt.
• INR opened today against USD at 85.82/-.
• 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.

Stainless Steel Demand and Supply:

• Demand is slightly getting better in 300 series, but not that much, due to cash crunch.
• 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, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News:

• Spain’s Acerinox, announced January 2025 alloy surcharges for stainless steel flat products: 304 at EUR 2,033/mt (+EUR 18), 316L at EUR 3,415/mt (+EUR 23), 201 at EUR 1,641/mt (+EUR 10), 430 at EUR 968/mt (+EUR 9), and 309S at EUR 2,838/mt (+EUR 28). Effective January 1, 2025.
• YC Inox TR, a Turkish subsidiary of Taiwan’s YC Inox Co., started production at its US$80 million stainless steel pipe plant in Dilovası. The facility, with an initial capacity of 20,000 mt (scalable to 30,000 mt), spans 53,000 sqm and employs 400 workers. It targets Europe, Asia, and Africa with products like pipes, profiles, and coils.
• LME nickel futures rose by US$71/mt to US$15,182/mt on January 6; spot prices increased by US$62.5/mt to US$14,949/mt. Inventory rose by 252 mt to 164,280 mt. A weaker USD and Lunar New Year demand boosted prices, though volatility persists.
• Germany’s crude steel production reached 38 million mt in 2024, per Wirtschaftsvereinigung Stahl, 5% below the 40 million-mt mark.

Expert Opinion:

• 300 series prices are expected to rise in the current scenario, since USD is high.
• 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• 200 series is also expected to perform very well domestically, as imports are choked.