Stainless Steel Prices Hold Firm as Nickel, Copper Show Mixed Trends

Key Highlights

• Nickel and Copper Prices Diverge: Nickel fell 0.37% to $16,110/mt, while copper increased 0.52% to $9,743/mt, impacting stainless steel input costs.
• 200-Series Demand Rises: Shortages of imported material are pushing domestic 200-series demand higher, keeping prices firm.
• Global Stainless Steel Prices Up: Walsin Lihwa hiked wire rod prices for the third consecutive month due to rising raw material costs.
• China’s Economic Rebound Boosts Demand: A 12-month high PMI signals strong domestic consumption and government-led infrastructure projects.
• BIS and USD Affecting Price Outlook: 300-series prices may rise due to a strong USD, while BIS regulations keep 400-series prices elevated.

Stainless Steel Price:

• Nickel opened today down by 0.37% at $16,110/mt, while Copper opened today up by 0.52% at $9,743/mt.
• 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:

• Demand is slightly getting better in 300 series, but not that much, due to cash crunch.
• In 400 series also, demand is seen to be increasing.
• 200 series demand has further increased and is upbeat, due to shortage of imported material.
• No.4 PVC material demand is still on the rise as expected, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News:

• Walsin Lihwa has raised its stainless steel wire rod prices for April, marking the third consecutive monthly increase, due to rising nickel and copper costs and the depreciation of the New Taiwan Dollar. Meanwhile, Taiwan’s stainless steel market is seeing a demand boost from order transfers, and Germany’s planned EUR 500 billion infrastructure investment is expected to further drive stainless steel consumption.
• In the US, steel production increased slightly, but year-to-date figures show a 1.3% decline. China’s economy is gaining momentum, with its official PMI rising to a 12-month high, indicating strong domestic demand and government investment in infrastructure.
• South Korean automakers, including Hyundai and GM Korea, are facing a new 25% US tariff on imported vehicles and parts, which could significantly impact exports.
• Coking coal prices remain at four-year lows due to increased supply and declining demand, while the EU’s proposed scrap trade restrictions are sparking industry concerns about market distortion and higher import costs.

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.