Stainless Steel Market Steady as Nickel and Copper Prices Change and Demand Picks Up

Stainless Steel Prices

• Nickel opened today down by 0.23% at $17,720/ton, while Copper opened today up by 0.21% at $9,763/ton.
• INR opened today against USD at 83.93/-.
• 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.320-324/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 the previous 3 months.
• Not much demand is there in ferritic grades, except 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

• ArcelorMittal continues to push for greener steel production, starting operations on a ladle furnace at its Fos-sur-Mer plant in France, as part of its decarbonization efforts.
• The US Department of Commerce (USDOC) has announced the launch of a countervailing duty (CVD) investigation on certain corrosion-resistant steel products (CORE) from Brazil, Canada, Mexico, and Vietnam, following petitions submitted by the local CORE companies on September 5, 2024.
• Analysts at Wells Fargo predict that the current interest rate cuts by the Federal Reserve, and also those to come, could further strengthen the commodity markets by boosting global demand.

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.