Stainless Steel Prices Firm Up as Nickel Surges Over 9% in a Week

Key Takeaways

• Nickel Prices Surge: LME nickel has risen over 9% week-on-week, supporting stainless steel prices across series.
• 300 Series in Focus: Tight domestic availability in the 300 series is pushing prices upward and limiting buyer options.
• Imports Slow Down: Hurdles in stainless steel imports are helping domestic mills maintain firm pricing.
• Firm to Rising Trend: Prices in the 200 and 300 series remain steady to firm amid positive sentiment and raw material support.
• Outlook Less Bearish: Early expectations of a price correction are being challenged by the current market momentum and rising input costs.

Stainless Steel Price:

• Nickel opened today up by 0.64% at $15,695/MT, while Copper opened today down by 0.04 % at $9200/MT.
• INR opened today against USD at 85.52/-.
• 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.328/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.
• 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 there is a shortage of supply.
• In 400 series also, demand is seen to be increasing.
• 200 series demand has further increased and is upbeat, due to lack of imported material.
• No.4 PVC material demand is still on the rise as expected in the past few months, both in 200 and 300 series.

Stainless Steel News:

• LME nickel up more than 9% since last week

This means that the price of LME nickel has risen by more than 9.7% since last Thursday, 9 April 2025. This should already classify the reports of price cuts in stainless steel, which were desperately scattered by some sources this morning, as outdated and no longer relevant.

• Stainless steel melt shop production increases by 7% in 2024

The world stainless association has released figures for the year 2024, showing that stainless steel melt shop production has increased from 2023 to 2024 by 7% to a total of 62.6 million MT.

Expert Opinion:

• 300 series prices are expected to rise in the current scenario as imports are choked.
• 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• 200 series is also expected to perform very well, domestically, due to import challenges.