Stainless Steel Prices Hold Steady, Rising Raw Material Costs May Push Prices Higher

Key Highlights

• Stainless Steel Prices Holding Steady: Prices for 304 CR, SS 316L, and SS 201 remain mostly unchanged, with minor variations based on material type.
• 200 Series Demand Continues to Grow: Shortages in imported material are driving higher demand, while 300 and 400 series show slight improvements despite cash flow challenges.
• EU Anti-Dumping Duties & U.S. Tariffs: The EU may review its duties on stainless steel imports by 2025, while the U.S. has imposed fresh tariffs on Canadian, Mexican, and Chinese imports, which could trigger retaliatory actions.

Stainless Steel Price:

• Nickel opened today up by 0.25% at $15,160/mt, while Copper opened today up by 0.75% at $9,168/mt.
• INR opened today against USD at 87.01/-.
• Current retail price for 304 CR wider 2B is now running approximately at Rs.197-199/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 EU’s anti-dumping duties on hot-rolled stainless steel from Indonesia, Taiwan, and China will expire on Oct 8, 2025, unless reviewed. Current rates are 17.7% (Indonesia), 4.1%-7.5% (Taiwan), and 57.1%-106.5% (China).
• Taiwan’s Yusco raised 304 stainless steel coil prices by NT$1,000/mt for February due to rising raw material costs.
• The U.S. imposed new tariffs: 25% on Canadian/Mexican imports and 10% on Chinese goods, effective Feb 1. Retaliatory measures are expected.
• Jindal Stainless cut its volume growth forecast to 10% amid weak exports, with Q3 profit falling 5% to Rs 654 crore.
• Nickel mining in Indonesia threatens Raja Ampat’s marine biodiversity, per a new environmental report.

Expert Opinion:

• 300 series prices are likely to increase due to the strong USD.
• 400 series prices may stay elevated amid ongoing BIS concerns.
• 200 series is expected to perform well domestically as imports remain restricted.