Stainless Steel Prices Hold Steady, Demand Surges for 200 and 400 Series

Key Takeaways

• Prices: Retail prices for 304 CR 2B are Rs. 195-198/kg for wider, with narrow types Rs. 3-5/kg cheaper, plus GST. Nickel up by 0.65% at $15,405/mt, while Copper is up by 0.20% at $9,000/mt.
• Demand Trends: Domestic demand for 200 series is strong, driven by imported material shortages and positive market sentiment.
• US Anti-Dumping Ruling: The US imposed duties on some stainless steel producers, potentially impacting future pricing.
• Expert Opinion on 300 & 400 Series: Prices for 300 and 400 series are expected to rise due to high USD and BIS issues.

Stainless Steel Price

• Nickel opened today up by 0.65% at $15,405/mt, while Copper opened today up by 0.20% at $9,000/mt.
• INR opened today against USD at 85.40/-.
• 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.

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

• The US Department of Commerce found that certain producers sold stainless steel sheets and strips below normal value during July 2022–June 2023. Companies YUSCO and Tung Mung made no shipments during this period, prompting liquidation at reseller or all-others rates. Firms like Yieh Trading Corporation were assigned a 21.10% dumping margin.
• Taiwan’s Chain Chon anticipates 2024 revenue near NT$15.61 billion, matching 2023, amid weak demand. Its expanded Thailand factory aims to counter US tariffs. Year-to-date revenue rose 4.53% YoY to nearly NT$15 billion.
• Japan’s crude steel production is expected to grow 4.1% in 2024-25, driven by rebounds in key industries like automotive. However, 2024 output remained weak due to high costs and labor shortages.
• Commerzbank predicts slower Chinese aluminium production growth will push prices to $2,800/mt by late 2025.

Expert Opinion

• SS 300 series prices are expected to rise in the current scenario, since USD is high.
• SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• SS 200 series is also expected to perform very well domestically, as imports are choked.