Stainless Steel Market Steady; JSL Reduces Prices in 300 & 316L Grades Amid Mixed Demand Trends

Key Highlights

1. Nickel at $15,100/ton and copper at $10,800/MT set cost tone.
2. 316L HR imported at ₹342/kg, Indian material costlier by ₹5/kg.
3. Scrap purchase prices: 304 – ₹1,27,886/MT; 316L – ₹2,25,065/MT.
4. Jindal Stainless Ltd cut 304/304L by ₹6/kg and 316L by ₹9/kg.
5. U.S. stainless kitchenware imports fell 25.3% YoY in Jan–Jul 2025.

Stainless Steel Prices Steady; 200 Series Outperforms

• Nickel prices stood at $15,100/ton, while copper prices were at $10,800/MT. The INR opened today against the USD at ₹88.67.
• Current retail prices for 304 CR wider 2B are running approximately in the ₹200–205/kg basic price range, while HR material is around ₹189–192/kg ex-Delhi. For narrow sizes, rates are approximately ₹8–10/kg cheaper, plus GST.
• SS 316L HR imported material is being retailed around ₹342/kg for HR wider, while Indian material is costlier by ₹5/kg. For CR wider, rates are ₹5/kg higher than HR.
• SS 201 imported CR 2B (extra low thickness, ~0.26 mm) is being retailed at ₹166–169/kg ex-Delhi, plus GST.
• Domestic 201 (cheapest grade) is currently being sold in the range of ₹142–146/kg (base price, thickness difference extra), plus GST.
• For 1500 mm width, an additional ₹4/kg applies on the above rates for No.4 finish in the 300 series.

Indian flat stainless steel producers are purchasing scrap after finished goods servicing at the following latest prices (plus GST):

• 304: ₹1,27,886/MT
• 316L: ₹2,25,065/MT
• J5 Patta: ₹72,000/MT
• J8 Patta: ₹70,000/MT
• 430: ₹56,317/MT

Demand and Supply: 300 Series Sees Soft Demand; 200 Series Holds Strong

• Demand in the 300 series has softened, though some regions are facing material shortages.
• In the 400 series, demand is showing an upward trend.
• The 200 series continues to perform strongly, driven by limited imported availability.
• Demand for No.4 PVC finish material remains firm across both the 200 and 300 series, as observed consistently over the past few months.

Market News: Jindal Stainless Cuts Prices; Global Imports Decline Sharply

• Jindal Stainless Ltd (JSL) reduced prices last week — by ₹6/kg for 304/304L grades and ₹9/kg for 316L grades.
• During the first seven months of the year, U.S. imports of stainless steel kitchenware dropped sharply by 25.3% year-on-year, totaling 349.2 million units, according to Mysteel’s analysis of data from the U.S. International Trade Commission (USITC). 
• Of these imports, approximately 87% originated from Asia, with the Chinese mainland remaining the leading source.

Mixed Outlook: 200 Series Strong, 400 Series Firm, 300 Stable

• 300 Series: Prices expected to remain stable.
• 400 Series: Prices likely to stay firm and on the steeper side.
• 200 Series: Expected to perform strongly in the domestic market.