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

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.

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.