Stainless Steel Prices Hold Firm as Imports Dry Up

Key Takeaways

• 304 & 316L remain stable: Retail prices hold steady; imported 316L HR at Rs 328/kg, with domestic costlier by Rs 5/kg.
• Scrap prices elevated: Mills continue buying at high rates—304 at Rs 1.27 lakh/MT, 316L at Rs 2.25 lakh/MT (plus GST).
• 300 series tight: Demand is picking up, but supply shortage could push prices higher in the short term.
• U.S. tariffs shift focus: Makers like Rajputana Stainless are rerouting exports to domestic and Middle East markets.
• 200 series surging: Lack of imports is lifting sentiment and prices; No. 4 PVC demand adds further support.

Stainless Steel Price:

• Nickel prices at $15,855/MT, while copper prices at $9421/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.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.
• In case of 1500 width, extra Rs 3/kg from above rates.
• 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 shortage of supply remains.
• 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:

Hit by U.S. tariffs, Indian stainless steel makers are shifting focus to the domestic market. Exports have slowed due to uncertainty, with Rajputana Stainless redirecting U.S.-bound volumes locally and to the Middle East. CEO Yash Mehta cited instability and fear of dumping from China as key concerns. The industry plans to address the issue at the GSSE Summit in June 2025. Some firms like Avtar Steel remain unaffected, having adapted earlier to similar U.S. duties.

Expert Opinion:

• 300 series prices are expected to rise in the current scenario.
• 400 series prices are expected to stay high.
• 200 series is also anticipated to do very well domestically due to limited imports.