Stainless Steel Market Update: Prices High Amid Rising Nickel and Copper Rates

Key Takeaways

• Price Trends: Nickel and copper prices are rising, and stainless steel prices reflect these increases.
• Mixed Domestic Demand: Demand is sluggish for the 300 and 400 series due to market liquidity issues, though 410S grade and special finishes in the 200 series are performing well.
• Anti-Dumping Measures: India imposed a five-year anti-dumping duty on stainless steel pipes from Vietnam and Thailand to protect domestic producers.
• Global Trade Shifts: The US is reviewing anti-dumping duties on imports from Asia, and potential trade shifts under the new US administration may impact steel prices and demand dynamics.

Stainless Steel Prices Today:

• Nickel opened today up by 2.56% at $16,625/mt, while Copper opened today up by 3.59% at $9,679/mt.
• INR opened today against USD at 84.32/-.
• 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.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 Trends:

• Demand has gone down at present in the 300 series, due to lack of funds, in the market.
• Even in ferritic grades, demand is not that great.
• The 200 series demand is still there, due to lack of imported material.
• No.4 PVC material demand is on the rise, both in 200 and 300 series, due to lack of production of this finish from the domestic suppliers and scarce availability of stock.

Stainless Steel News Highlights:

• India introduced a five-year anti-dumping duty on stainless steel pipes and tubes from Vietnam and Thailand, following DGTR’s recommendation to counter harmful pricing that impacts the domestic industry.
• The US ITC and USDOC began sunset reviews of anti-dumping and countervailing duties on stainless steel pressure pipes from China, Malaysia, Thailand, and Vietnam to assess if lifting these duties would harm the US industry.
• Zhangjiagang Pohang plans to add three 50-ton alloy melting furnaces, enhancing output for its AOD furnace with no increase in crude steel capacity, maintaining its 1.1 million tons annual production. The project will cost CNY 166.73 million, with 4.35% allocated to environmental measures.
• Analysts predict new US President Donald Trump’s policies may shift trade dynamics, particularly with heightened tariffs on Chinese imports and an increased defence focus in the Indo-Pacific. Taiwanese industries, particularly in steel and defence, may experience limited benefits and challenges depending on these shifts.
• Taiwanese manufacturer Walsin Lihwa saw October revenue rise 1.9% from the previous month but drop 3% year-over-year, attributed to an 18% drop in nickel prices.

Expert Opinion

• The 300 series is expected to have a dull run in the present and upcoming week, because of payment shortage and upcoming festive holidays.
• The 400 series performance is also expected to be dull, except 410S grade, where there will be considerable demand in thinner gauges.
• The 200 series is expected to be performing satisfactorily, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.