Stainless Steel Prices Hold Amid Demand Dip and Nickel Decline
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Stainless steel prices are experiencing slight shifts across various grades. The 300 series sees lower demand due to financial constraints in the market, while the 200 series demand remains steady, particularly for specialized finishes. In China, production limitations are being encouraged to stabilize an oversupplied market.
Market Insights
- Price Updates: Nickel fell by 0.97% today, while Copper was down by 0.49%.
- SS 300 Series Demand Decline: Due to market liquidity issues, 300 series stainless steel demand is currently weak.
- SS 200 Series Demand Stability: The 200 series retains demand, especially in PVC finishes, as imported supply is limited.
- Global Factors Impacting Supply: China's government pressures steelmakers to limit production amid oversupply, while the U.S. supports India’s stainless exports with a favorable ruling.
Stainless Steel Prices
- Nickel opened today down by 0.97% at $15,865/ton, while Copper opened today down by 0.49% at $9,495/ton.
- INR opened today against USD at 84.08/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
- SS 316L imported material is now being retailed in the price range of Rs.320-324/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 Dynamics
- Demand has gone down at present in 300 series, due to lack of funds, in the market.
- Even in ferritic grades, demand is not that great.
- 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
- Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd. are set to announce November prices amid rising nickel prices and offers from Indonesia's Tsingshan. The People's Bank of China’s recent rate cuts are expected to boost stainless steel demand, while higher electricity costs in Taiwan are also pushing prices up.
- The U.S. Department of Commerce concluded that India’s Welspun Specialty Solutions made legitimate sales of stainless steel bars without underpricing. Welspun was given a zero-dumping margin effective October 24, 2024, after no changes were required from preliminary findings.
- China’s steel industry faces oversupply and weak property demand despite recent government stimulus driving a 13% increase in alloy prices. Major steelmakers are urged to limit production to stabilize the market.
Expert Opinion
- SS 300 series is expected to have a dull run in the present and upcoming week, because of payment shortage and upcoming festive holidays.
- SS 400 series performance is also expected to be dull, except 410S grade, where there will be considerable demand in thinner gauges.
- The SS 200 series is expected to perform satisfactorily, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.
Daily Market Report
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Stainless Steel Market Firm; 200 Series Strengthens While Supply Worries Persist in 300 Series
Stainless steel prices continue to hold firm across all major grades. While 300 series demand is improving, supply shortages persist. The 200 series remains upbeat amid limited imports, and the 400 series is seeing rising interest. Meanwhile, ISSDA plans to approach DGTR to investigate dumping and recommend anti-dumping duties on stainless steel imports.
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Stainless Steel Market Update: Rising Prices, Tight Supply in 200 & 300 Series
Stainless steel prices are showing firmness across grades, especially in the 200 and 300 series, driven by supply shortages and increased demand for PVC-coated material. Jindal Stainless has raised prices by Rs 2/kg for 304/316L as demand improves. 304 CR wider 2B now trades at Rs 189–194/kg, while 316L HR imported is around Rs 330/kg. Scrap purchase prices have also increased, reflecting cost pressures.
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