Stainless Steel Prices Hold Firm as Demand Improves in 200 & 400 Series
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Nickel and copper prices opened lower today. Domestic stainless steel prices remain stable, with 304 CR wider 2B retailing at Rs 199-200/kg (ex-Delhi), and 316L HR imported material at Rs 320-323/kg. The 200 series is seeing strong demand due to limited imports, while the 300 and 400 series also show signs of improvement. Meanwhile, the US is imposing new import tariffs.
Key Takeaways
- Stainless Steel Price Trends: Nickel and copper opened lower; 304 CR wider 2B at Rs 199-200/kg; 316L HR imported at Rs 320-323/kg.
- Demand Update: 300 series demand is improving slightly; 400 series is strengthening; 200 series is optimistic due to import constraints.
- Global Trade Impact: South Korea extended anti-dumping duties on Vietnamese stainless steel; Taiwan’s major mills raised prices; US imposed new import tariffs.
- Market Outlook: 300 series prices expected to rise due to USD impact; 400 series to remain high due to BIS issues; 200 series likely to stay strong due to limited imports.
Stainless Steel Price:
- Nickel opened today down by 1.13% at $15,815/ton, while Copper opened today down by 1.63% at $9,542/ton.
- INR opened today against USD at 85.67/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.199-200/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.320-323/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.
- 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:
- 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:
- South Korea extended the provisional anti-dumping duty on Vietnamese cold-rolled stainless steel by three months, now ending on July 18. Duties range from 3.66% to 11.37%, with specific rates for different manufacturers.
- Taiwan’s Yusco, Tang Eng, Walsin Lihwa, and Yieh Hsing raised stainless steel prices for April due to demand, cost hikes, and currency depreciation. Increases vary by series, with 304 series up NT$4,000/ton and 430 series up NT$500/ton.
- The US imposed a 10% import tariff from April 5, with additional tariffs of 20%-46% on key partners like China, the EU, and Japan from April 9. A 25% tariff on imported cars starts April 3, increasing costs and inflation risks.
Expert Opinion:
- In the current situation, 300 series prices are anticipated to increase due to the high USD.
- 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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