Stainless Steel Market Sees Raw Material Price Increases as Nickel and Copper Up
Stainless steel market saw slight raw material price increases, with Nickel increasing 0.52% and Copper rising 0.67%. Demand for 304 & 316L grades has improved, while ferritic grades see limited interest. Global stainless steel trade is under pressure due to tariffs and import challenges, particularly in the EU and US.
Stainless Steel Price
- Nickel opened today up by 0.52% at $16,420/ton, while Copper opened today up by 0.67% at $9,579/ton.
- INR opened today against USD at 83.56/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
- SS 316L imported material is now being retailed in the price range of Rs.317-321/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. 143-148/kg, ex-Delhi, plus GST. Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.140-143/- base price (plus thickness difference extra), plus GST.
Stainless Steel Demand and Supply
- Demand is slightly better in 304 & 316L (CR & HR), in generic sizes, as compared to previous 2 months.
- Not much demand is there in ferritic grades, except for some railway fabrication usage in 409M/X2CrNi12/IRSM 44-97 grades.
- Good demand is being observed in No.4/Matte PVCfinish in 201 grades, due to short supply from domestic players, and non-renewal of BIS for imported material.
- Decent demand is also being observed in 304 narrow sizes, for applications like pipes and tubes or rerolling usages, due to short supply in imported material.
Stainless Steel News
- The EU’s stainless steel industry is struggling with high dependence on imports, covering 25% of its needs, according to the European Commission’s Joint Research Centre.
- A group of lawmakers, led by Senator Marco Rubio, is urging President Biden to reinstate a 25% tariff on steel imports from Mexico.
- Nippon Steel's plan to acquire U.S. Steel is encountering difficulties due to political opposition in the US. The deal may be blocked on national security grounds.
- India’s export sector is facing difficulties due to rising freight costs, container shortages, and heavy reliance on foreign shipping companies, according to a report by the Global Trade Research Initiative (GTRI).
- European stainless steel manufacturers are voicing concerns over the EU’s Carbon Border Adjustment Mechanism (CBAM), citing shortages in stainless steel scrap and raw materials like nickel pig iron.
Expert Opinion
- Both 304 & 316L are expected to have a medium to good run in this week, owing to the slight raw material price increase.
- The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
- The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.