Stainless Steel Market Stays Strong as Nickel and Copper Edge Higher, Demand Surges
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Stainless steel prices remain stable, with Nickel and Copper gaining. The 200 series sees strong demand due to import shortages, while the 300 and 400 series show gradual improvement. Experts predict price stability for the 400 series and an upward trend for the 300 series due to currency fluctuations. Meanwhile, Taiwan maintains anti-dumping duties on Chinese and Korean imports.
Key Insights
- Price Movements: Stainless steel prices remain stable, with nickel up 0.58% and copper up 0.34%, supporting price resilience.
- Demand Trends: The 200 series remains strong due to import shortages, while 300 and 400 series demand is gradually improving.
- Market Outlook: The 300 series may see price hikes due to the high USD, while 400 series prices stay firm amid BIS-related constraints.
- Global Trade Actions: Taiwan retains anti-dumping duties on Chinese and Korean stainless steel, while Latin America seeks US collaboration.
- Logistics Disruptions: Red Sea tensions prolong shipping delays, with alternate routes via the Cape of Good Hope affecting supply chains.
Stainless Steel Price:
- Nickel opened today up by 0.58% at $15,505/mt, while Copper opened today up by 0.34% at $9,499/mt.
- INR opened today against USD at 86.84/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.197-199/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 for the 300 series is showing slight improvement, though not significantly, due to ongoing cash flow challenges.
- The 400 series is also witnessing a gradual rise in demand.
- The 200 series remains strong, driven by a shortage of imported material.
- No.4 PVC material demand continues to rise across both the 200 and 300 series, a trend that has been consistently observed over the past few months.
Stainless Steel News:
- Taiwan’s MOEA has determined that anti-dumping duties on stainless steel imports from China and South Korea should remain, citing risks of increased dumping. The final decision rests with the Ministry of Finance.
- Latin American steelmakers, led by Alacero, are pushing for a trade alliance with the US to counter China’s overcapacity, arguing that regional integration would strengthen market stability. Meanwhile, US steel tariffs have negatively impacted exports from Dubai and Saudi Arabia, forcing them to seek alternative markets.
- Shipping disruptions in the Red Sea due to geopolitical tensions have led to longer routes via the Cape of Good Hope. A survey suggests Suez Canal routes may not fully recover until 2025 or later, depending on ceasefire stability.
- Asian stainless steel prices rose 0.5% on Monday, driven by higher Indonesian nickel ore prices. In Europe, ferrous scrap shortages continue, with stocks at historic lows and rising import demand for stainless steel scrap and slabs.
Expert Opinion:
- In terms of pricing, the 300 series is likely to see an upward trend due to the high USD exchange rate.
- Prices for the 400 series are also expected to stay elevated, influenced by the BIS issue.
- The 200 series is performing well in the domestic market as limited imports continue to support strong demand.
Daily Market Report
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Stainless Steel Prices Mixed; 200 Series Demand Strengthens
Nickel and copper prices declined, while 200 series stainless steel demand surged due to limited imports. The 300 series saw modest improvement despite a cash crunch. Meanwhile, China's dominance in nickel refining and soaring copper imports from Congo reshaped global market dynamics.
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Nickel and Copper Decline While Stainless Steel Prices Stay Steady
Stainless steel prices remain stable, with slight demand improvements in the 300 and 400 series. The 200 series sees strong domestic demand due to limited imports. Nickel and copper prices declined. Experts anticipate price increases in the 300 and 200 series amid ongoing market shifts. Meanwhile, new research in Taiwan enhances stainless steel’s hydrogen resistance.
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