Stainless Steel Market Update: Nickel Prices Stable while Copper Goes Up
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Stainless steel prices remain volatile with slight increases in copper. Retail prices for 304 CR 2B range between Rs. 195-198/kg, while 316L HR imported material is retailing at Rs. 318-322/kg. Demand for 200 and 300 series is steady despite a cash crunch, while supply pressures persist in both domestic and imported markets.
Key Takeaways
- Price Range: 304 CR 2B stainless steel priced at Rs. 195-198/kg ex-Delhi, with 316L HR imported at Rs. 318-322/kg.
- Nickel and Copper Prices: Nickel remains unchanged at $15,510/mt, while copper rises by 0.39% to $9,114/mt, influencing stainless steel costs.
- Demand Trends: Demand for 200 series stainless steel has increased, while 300 and 400 series also show slight growth due to market conditions.
- Imported Material Shortage: Shortages of imported material, particularly in 200 series, are pushing domestic demand upward.
- Stainless Steel Industry News: Nickel pig iron imports surge, and Walsin Lihwa invests in Italian subsidiary as European imports and global shifts continue.
Stainless Steel Prices:
- Nickel opened today unchanged at $15,510/mt, while Copper opened today up by 0.39% at $9,114/mt.
- INR opened today against USD at 85.86/-.
- 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.
Stainless Steel Demand and Supply:
- Demand is slightly getting better in 300 series, although not much, due to cash crunch.
- In 400 series also, demand is seen to be increasing.
- 200 series demand has further increased and is upbeat, due to shortage of imported material.
- No.4 PVC material demand is still on the rise as expected, both in 200 and 300 series, as observed in the past few months.
Stainless Steel News:
- LME nickel futures rose on January 7, closing at US$15,398/mt, a two-day increase. LME inventories grew by 4,830 mt, totaling 165,366 mt. Despite a stronger US dollar, nickel prices rose due to market sentiment fueled by China’s central bank policies. Market participants remained cautious about oversupply and inventory growth.
- On January 6, Walsin Lihwa approved a EUR 60.5 million investment in its Italian subsidiary Cogne Acciai Speciali S.p.A. (CAS). Walsin Lihwa’s indirect stake in CAS will rise from 70% to 71.83%.
- In 2024, Europe saw a surge in stainless steel imports, including nickel pig iron and slabs. Imports of nickel pig iron spiked by nearly 60,000%, signaling growing dependence on external suppliers.
- The UK’s steel industry is shifting towards greener technologies with electric arc furnaces (EAFs). The government is investing £2.5 billion to support long-term growth and decarbonization.
Expert Opinion:
- SS 300 series prices are expected to rise in the current scenario, since USD is high.
- SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
- SS 200 series is also expected to perform very well domestically, as imports are choked.
Daily Market Report
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Nickel and Copper See Gains as Stainless Steel Demand Increases
Nickel prices rise by 1.11% to $15,965/mt, while copper sees a 0.99% increase. Stainless steel prices remain steady, with 304 CR at Rs.195-198/kg in Delhi. The demand for stainless steel is improving in the 200 and 400 series, driven by domestic shortages and rising enquiries. Despite challenges like weak global demand and high nickel inventory, local market conditions suggest possible price increases.
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Nickel and Copper Open Lower; Stainless Steel Demand Picks Up in 200 Series
Stainless steel prices are showing mixed trends across grades, with 200 series demand surging amid import constraints. Retail prices for key grades like 304 and 316L remain firm, driven by limited supply and strong demand for No.4 PVC materials. Nickel prices have stabilised globally, while copper gains reflect optimism in global growth and China’s import activity.
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