Stainless Steel Market Watch: Demand Strengthens, Prices Remain Firm

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18 Feb 20252 Min ReadDaily Market Report

Stainless steel prices remain firm across different series, with the 200 series seeing strong demand due to limited imports. Experts predict that the 300 and 400 series prices will stay elevated, while the 200 series is expected to perform well due to import restrictions. Jindal Stainless anticipates opportunities from new US tariffs but warns of potential dumping risks in India.

Key Takeaways

Stainless Steel Prices Hold Firm: Prices remain stable across 200, 300, and 400 series, with strong prices in some categories due to limited imports and high USD rates.
Demand Remains Strong: 200 series demand is strong due to low imports, 400 series demand is rising, and 300 series demand shows slight improvement despite cash constraints.
Market Disruptions Impact Supply: Outokumpu halted US expansion, Aperam saw mixed financial results, and Jindal Stainless anticipates opportunities from US tariffs but warns of dumping risks.
Industry Facing Global Trade Challenges: New US tariffs could reshape stainless steel imports, affecting supply chains in India and Europe, with potential long-term impacts on pricing and demand.
Future Price Outlook: 300 series prices may rise with a strong USD, 400 series prices remain high due to BIS issues, and 200 series benefits from restricted imports.

Stainless Steel Price:

Nickel opened today down by 0.61% at $15,440/mt, while Copper opened today up by 0.05% at $9,401/mt.
INR opened today against USD at 86.92/-.
Current retail price for 304 CR wider 2B is now running approximately at Rs.197-199/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:

The cash constraint is causing demand in the 300 series to marginally improve, but not significantly.
Demand in the 400 series is also seen to be rising.
Due to the lack of imported material, demand in the 200 series has climbed even more and is optimistic.
As anticipated, No. 4 PVC material demand has continued to increase in recent months for both the 200 and 300 series.

Stainless Steel News:

Outokumpu has halted its US expansion and delayed its nuclear project in Finland due to weak market conditions and high import pressures. CFO Marc-Simon Schaar said the decision was made before the new US tariffs but noted they could benefit the company by restricting Asian imports.
Aperam’s stainless steel deliveries increased 2.6% in Q4 but fell 1.5% year-on-year. Full-year shipments grew 4.9%, and Q4 EBITDA turned positive at €42 million after a €34 million loss last year. The company expects lower EBITDA in Q1 2025.
Jindal Stainless sees an opportunity in the new US tariffs, which remove exemptions for certain trading partners. However, the company warns that increased dumping in India could hurt local producers.

Expert Opinion:

300 series prices are expected to rise in the current scenario, since USD is high.
400 series prices are expected to stay high due to the BIS issue.
200 series is also anticipated to do very well domestically due to limited imports.