Stainless Steel Market Update: Nickel and Copper Surge, Demand Shifts

Industry Insights

• Nickel and Copper Prices: Nickel up by 0.16% at $16,005/mt; Copper up by 0.18% at $9,017/mt today.
• SS 200 Series Demand: Demand for 200 series has increased, driven by the lack of imported material, particularly for thinner sections.
• Scrap Prices: Indian producers are buying scrap at Rs.1,27,886/mt for 304 and Rs.2,25,065/mt for 316L.
• Market Sentiment: Demand remains low for the 300 and 400 series, while the 200 series and No.4 PVC material are seeing growth.

Stainless Steel Prices

• Nickel opened today up by 0.16% at $16,005/mt, while Copper opened today up 0.18% at $9,017/mt.
• INR opened today against USD at 84.45/-.
• Current retail price for 304 CR wider 2B is now running approximately at Rs.195-198/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
• SS 316L HR imported material is now being retailed in the price range of Rs.318-322/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. 165-167/kg, ex-Delhi, plus GST.
• Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.143-145/- base price (plus thickness difference extra), plus GST.
• Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):- 304: Rs.1,27,886/mt 316L: Rs.2,25,065/mt J5 Patta: Rs.72,000/mt J8 Patta: Rs.70,000/mt 430: Rs.56,317/mt

Stainless Steel Demand and Supply

• Demand is still low in 300 series due to cash crunch.
• In 400 series also, demand is not upto the mark.
• 200 series demand has rather increased and is upbeat, due to lack of imported material.
• No.4 PVC material demand is still on the rise, both in 200 and 300 series, as has been observed in the past few months.

Stainless Steel News

• Thailand is reviewing anti-dumping duties on cold-rolled stainless steel from China, requested by POSCO-Thainox to prevent market damage.
• Nickel prices surged, reaching $16,203/ton on November 25 due to reduced Russian exports and a weaker US dollar, though demand remains weak.
• Indonesia plans to phase out coal power by 2039, aiming for net-zero emissions by 2050 and expanding renewable energy capacity.
• Taiwan’s Feng Hsin Steel kept steel prices stable despite a decline in scrap prices from Japan and the US.

Expert Opinion

• SS 300 series is expected to continue its dull run, in the recent scenario.
• SS 430 and 410S performance is being marked as average, while 409M & 409L, in ferritic grades, are expected to be continuing in the dull category, due to low demand.
• The SS 200 series is expected to be performing satisfactorily, in all grades and finishes, especially in thinner sections and No.4 PVC/Matte finishes.