Stainless Steel Market Update: 200 Series Rises, 300 Series Sees Decline
Nickel prices fell, while copper saw a slight uptick. The 300 series, particularly SS 304 and SS 316L, faces weak demand due to limited funds and slowing payment cycles, while the 200 series retains moderate demand because of scarce imported material.
Key Insights
- Pricing Update: Nickel fell slightly to $15,895/ton, and copper rose to $9,550/ton. SS 304 retail price is Rs.198-201/kg (ex-Delhi).
- Demand Trends: SS 300 series demand remains low due to liquidity concerns, while the 200 series sees stable demand, particularly for N4P and N8P finishes.
- Currency Impact: INR opened at 84.08 against the USD, adding pressure on imports and pricing strategies in the domestic market.
Stainless Steel Prices
- Nickel opened today down by 0.06% at $15,895/ton, while Copper opened today up by 0.20% at $9,550/ton.
- INR opened today against USD at 84.08/-.
- 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 has gone down at present in 300 series, due to lack of funds, in the market.
- Even in ferritic grades, demand is not that great.
- 200 series demand is still there, due to lack of imported material.
- No.4 PVC material demand is on the rise, both in 200 and 300 series, due to lack of production of this finish from the domestic suppliers and scarce availability of stock.
Stainless Steel Global News Highlights
- Taiwan’s Tang Eng Iron Works raised November prices for 304 stainless steel by NT$3,000/ton, citing higher costs and currency fluctuations.
- Australia will lift anti-dumping tariffs on Chinese stainless steel sinks by March 2025, boosting trade with China.
- Malaysia announced a 2026 carbon tax to drive cleaner energy adoption, with revenue supporting green projects.
- Scrap supply strains grow as Kazakhstan extends its export ban and Europe substitutes stainless steel scrap with nickel pig iron.
- Chinese stainless steel 304 cold-rolled coil prices fell to 13,500-13,700 yuan/mt amid slow demand.
- Nickel Industries posted record Q3 earnings, aided by a favourable currency exchange gain from its Indonesian operations.
Expert Opinion
- SS 300 series is expected to have a dull run in the present and upcoming week, because of payment shortage and upcoming festive holidays.
- SS 400 series performance is also expected to be dull, except 410S grade, where there will be considerable demand in thinner gauges.
- The SS 200 series is expected to be performing satisfactorily, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.