Stainless Steel Market Update: Nickel and Copper Prices Rise; Demand Still Mixed

Stainless steel prices have been affected by increases in nickel (up 0.56%) and copper (up 0.92%) today. The market is observing good demand for No.4/Matte PVC finish in 201 grades due to supply shortages. Experts predict a medium to good performance for 304 and 316L this week, while the 200 series remains strong in special finishes due to limited imports.

Stainless Steel Price

  • Nickel opened today up by 0.56% at $17,130/ton, while Copper opened today up by 0.92% at $10,074/ton.
  • INR opened today against USD at 83.79/-.
  • 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 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.

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Stainless Steel News

  • In Taiwan, leading stainless steel mills are set to announce new prices for October, with expectations of price stabilization amid weak demand.
  • It was reported that China’s duplex stainless steel industry has been developing rapidly in recent years, with significant growing production and improved product structure and quality.
  • The European Steel Association (Eurofer) and the European Commission (EC) recently discussed the price pressures domestic steel products face due to an oversupply of imported steel.