Stainless Steel Market Sees Raw Material Price Increases as Nickel and Copper Up

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.