Stainless Steel Prices Hold as 200 Series Outperforms, 300 Series Slows
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The stainless steel market demand in the 300 series remains subdued but steady, while the 200 series is seeing a strong surge due to limited imports. Prices for 304 CR and 316L remain stable, with a slight premium on Indian materials. Jindal Stainless has raised N4 finish prices by Rs 2/kg. Further, No.4 PVC demand continues rising across both 200 and 300 series.
Key Takeaways
- 300 Series Demand Down, Prices Stable: Buyers are cautious, but price stability suggests limited downside in the short term.
- 200 Series Leads Market Momentum: Rising due to low imports, this segment is outperforming others.
- 400 Series Demand Rising: Noted increase in demand may support firmer pricing in coming weeks.
- Scrap Prices Stay High: 316L scrap at Rs 2.25 lakh/MT and 304 at Rs 1.27 lakh/MT supports current price levels.
Stainless Steel Price:
- Nickel prices are at $15,160/MT, while copper prices are at $9,583/MT.
- INR opened today against USD at 85.62/-
- 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 4/kg from above rates for N4 finish in 300 series.
- 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 down in 300 series, but in some cases material shortage is also there.
- In 400 series also, demand is seen to be increasing.
- 200 series demand has further increased and is upbeat, due to paucity of imported material.
- No.4 PVC material demand is still on the rise as expected, both in 200 and 300 series, as has been observed in the past few months.
Stainless Steel News:
- Europe’s stainless steel endless bands market is expected to grow modestly at a CAGR of +0.4% between 2024 and 2035, reaching a value of $374 million by 2035.
- In India, stainless steel tube manufacturer Scoda Tubes is launching its Rs 220-crore IPO on May 28, aiming to tap into rising demand.
- Jindal Stainless (JSL) has raised prices by Rs 4/kg for its 1500mm width N4 finish 300 series.
Expert Opinion:
- 300 series prices are expected to be stable.
- 400 series prices are also expected to remain on the steeper side.
- 200 series is also expected to perform very well, domestically.
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