Stainless Steel Market Update: Nickel & Copper Up; India Targets 300 Million Tons Steel Capacity by 2030

Stainless Steel Price

• Nickel opened today up by 0.29% at $15,780/ton, while Copper opened today up by 0.63% at $9,083/ton.
• INR opened today against USD at 83.97/-.
• 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 2 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

• India’s Ministry of Steel has announced that the country is on course to achieve its target of 300 million tons of steel production capacity per year by 2030, as outlined in the 2017 National Steel Policy. The Ministry noted that steel plants with a combined capacity of 34 million tons are expected to be operational before 2030, which should enable India to reach the goal. Key challenges in reaching this target include the procurement of raw materials, particularly the beneficiation of lower-grade iron ore.
• According to China's Ministry of Ecology and Environment, in addition to the existing power industry, China will include key emission industries such as steel, aluminum, and cement into the national carbon trading market by the end of this year. The move is to further improve the carbon pricing mechanism and accelerate the establishment of a carbon footprint management system.
• On September 3, 2024, the US Department of Commerce (USDOC) announced the launch of the first anti-dumping (AD) and countervailing duty (CVD) sunset reviews on refillable stainless steel kegs from China and the first AD investigations on the same products from Mexico.
• Indian steelmaker Jindal Steel and Power Limited (JSPL) said it has ordered a gas injection system for its blast furnace from UK-based plant manufacturer Primetals Technologies, which will be installed on the No.1 blast furnace of JSPL India's Angul steel plant, which can replace some traditional carbon-containing fuels with hydrogen. This can not only reduce the carbon emissions of the blast furnace but also reduce the operating costs of the factory and the cost of hot metal.
• According to customs statistics, Taiwan’s scrap imports totaled around 195,000 tons in August, slightly up by 0.1% compared to the previous month. Among them, imports from the US accounted for the largest proportion, totaling roughly 98,400 tons, followed by 22,000 tons from the Dominican Republic and 18,000 tons from Japan. In terms of exports, Taiwan exported roughly 9,500 tons of scrap in August, soaring by 322% month on month.

Expert Opinion

• Both 304 & 316L are expected to have a medium to good run in this week, owing to the slight raw material price increase.
• The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
• The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.