Stainless Steel Prices Firm as 200 Series Demand Surges; Nickel Dips, Copper Steady
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Nickel prices dipped 0.22% to $15,705/mt, while copper remained steady at $9,409/mt. Stainless steel prices remain firm, with 304 CR at Rs 197-199/kg (ex-Delhi) and SS 316L HR at Rs 318-322/kg. Demand for the 200 series is rising due to limited imports, while 300 and 400 series show gradual improvement. Experts expect 300 and 400 series prices to stay strong.
Key Takeaways
- Nickel and Copper Prices: Nickel dropped 0.22% to $15,705/MT, while copper remained steady at $9,409/MT, influencing stainless steel raw material costs.
- Stainless Steel Prices: 304 CR is priced at Rs 197-199/kg (ex-Delhi), while SS 316L HR is at Rs 318-322/kg, with domestic prices higher than imports.
- Demand Trends: The 200 series is seeing strong demand due to import shortages, while 300 and 400 series demand is gradually improving despite cash flow issues.
- Industry Developments: Yongjin is investing in a 260,000-mt stainless steel mill in Thailand, while other global players expand production and upgrade facilities.
- Market Outlook: Experts expect 300 and 400 series prices to remain strong due to a high USD rate and regulatory challenges affecting supply.
Stainless Steel Price:
- Nickel opened today down by 0.22% at $15,705/mt, while Copper opened today marginally up by 0.01% at $9,409/mt.
- INR opened today against USD at 87.45/-.
- 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:
- Demand is slightly getting better in 300 series, but not that much, due to cash crunch.
- Demand in the 400 series is also seen to be rising.
- 200 series demand has further increased and is upbeat, due to shortage of imported material.
- As expected, No. 4 PVC material demand has continued to increase in recent months for both the 200 and 300 series.
Stainless Steel News:
- Yongjin Group to start construction of a 260,000-mt-per-year precision stainless steel mill in Thailand in July, expected to be operational in two years.
- YFO Trading, founded by Turkish entrepreneurs, plans to sell stainless steel in Northern Cyprus and expand to Europe, focusing on value-added production.
- E United Group continues investing in its stainless steel business, with Yusco upgrading equipment and differentiating products with precision stainless thin sheets.
- Anglo American’s Q4 2024 report shows a 14% YoY drop in copper production, while nickel output declined 10%; 2025 copper production is forecasted at 690,000-750,000 mt.
- Cochilco forecasts copper at $4.25 per pound in 2025, expecting a global supply shortage this year but a surplus by 2026, with Chile’s production growing 4.6% in 2024.
- The Philippine Congress may pass a bill banning raw mineral exports by June to encourage local processing, following Indonesia’s model for boosting mining revenues.
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.
Daily Market Report
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Stainless Steel Prices Hold Firm as Demand Across Grades Stays Strong
Stainless steel prices remain stable across key grades, with 200 series demand growing due to import shortages. The 300 series is also showing slight improvement despite cash flow constraints. Nickel prices went down by 0.16% today, while Copper opened up by 0.26%. Globally, China’s stainless steel output fell sharply in January but is expected to rebound in February.
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Nickel Drops, Copper Gains; Global Tariff Wars Stir Uncertainty in Stainless Steel Market
Stainless steel prices remained stable, with 304 CR at Rs.197-199/kg and 316L HR at Rs.318-322/kg. Demand for the 200 series surged due to import shortages, while 300 series saw slight improvement. Experts anticipate price hikes in the 300 and 400 series. Meanwhile, global trade tensions escalated as Brazil prepared countermeasures against US steel tariffs.
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