Stainless Steel Prices Hold Steady Amid Mixed Demand and Policy Developments

Stainless steel prices remain steady despite fluctuating global commodity trends. Nickel saw a slight dip, while copper rose marginally. Demand continues to lag in the 300 and 400 series due to liquidity issues, but the 200 series shows stronger performance driven by limited imports. The overall market sentiment stays cautious.

Key Takeaways

  • Price Changes: Nickel prices dipped by 0.09% to $16,105/mt, while copper rose by 0.37% to $9,035/mt.
  • Demand Trends: SS 300 series weak due to liquidity constraints. 400 series demand remains subdued.
  • Market Outlook: SS 300 series to remain sluggish; ferritic grades (430, 410S, 409M, 409L) facing low demand. The SS 200 series is expected to perform satisfactorily.

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Stainless Steel Prices

  • Nickel opened today down by 0.09% at $16,105/mt, while Copper opened today up by 0.37% at $9,035/mt.
  • INR opened today against USD at 84.50/-.
  • Current retail price for 304 CR wider 2B is now running approximately at Rs.195-198/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.318-322/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 still low in 300 series due to cash crunch.
  • In 400 series also, demand is not upto the mark.
  • SS 200 series demand has rather increased and is upbeat, due to lack of imported material.
  • No.4 PVC material demand is still on the rise, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News

  • Donald Trump announced plans to impose a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods. While steelmakers support the move, anticipating higher domestic prices, experts warn it could disrupt supply chains and raise costs for U.S. manufacturers.
  • Starting December 1, 2024, China will cancel export tax rebates on certain aluminum and copper products. This will raise short-term costs for exporters but aims to boost the value-added and competitiveness of Chinese products in the long term by reducing low-end exports and optimizing industrial capacity.
  • Nickel prices showed slight gains in Asian markets and a 1% increase on the LME, trading at around $16,100/MT. The market remains active amid global uncertainties.

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Expert Opinion

  • SS 300 series is expected to continue its dull run in the current scenario.
  • SS 430 and 410S performance is being marked as average, while 409M & 409L, in ferritic grades, are expected to continue in the dull category due to a shortage of demand.
  • The SS 200 series is expected to perform satisfactorily, in all grades and finishes, especially in thinner sections and No.4 PVC/Matte finishes.

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