Stainless Steel Market Update: Rising Prices, Tight Supply in 200 & 300 Series

Key Takeaways

• Price Increase by Jindal: Jindal Stainless raised 304/316L prices by Rs 2/kg, reflecting supply tightness and rising cost pressures.
• 300 Series Supply Issues: 300 series demand is improving, but supply constraints are keeping prices elevated and bookings active.
• 200 Series Momentum: Shortage of imported material is supporting strong domestic demand and pricing in the 200 series.
• PVC Material Demand: No.4 PVC-coated stainless steel continues to gain traction across both 200 and 300 series grades.
• Rising Scrap Prices: Producers are buying scrap at higher rates, indicating cost pressure and likely price hikes ahead.

Stainless Steel Price:

• Nickel prices are at $15,595/ton, while copper prices are at $9410/ton.
• INR opened today against USD at 85.01/-
• Current retail price for 304 CR wider 2B is now running approximately at Rs.189-194/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.8-10/kg cheaper. Plus GST.
• SS 316L HR imported material is now being retailed in the price range of Rs.330/kg for HR wider. Indian material is expensive by Rs.5/kg. For CR wider, the rates are Rs.5/kg higher than HR.
• SS 201 imported CR 2B (extra low thicknesses like 0.26mm) is being retailed at Rs. 163-165/kg, ex-Delhi, plus GST. Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.138-142/- base price (plus thickness difference extra), plus GST.
• In case of 1500 width, extra Rs 3/kg from above rates.
• 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 slightly getting better in 300 series, but shortage of supply still remains a concern.
• Demand in the 400 series is also seen to be rising. 
• The 200 series remains strong, driven by a shortage of imported material.
• No.4 PVC material demand continues to rise across both the 200 and 300 series, a trend that has been consistently observed over the past few months.

Stainless Steel News:

Jindal Stainless Limited (JSL) increased prices in grade 304/304L and 316L by Rs 2/Kg on 6th May 2025.

Expert Opinion:

• In the current situation, 300 series prices are anticipated to increase.
• 400 series prices are expected to stay high.
• 200 series is also anticipated to do very well domestically.