Stainless Steel Prices Remain Stable While Nickel and Copper Drop
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Nickel prices declined by 1.54%, with copper down by 1.09%. Demand has improved for 304 and 316L grades, especially in narrow sizes and special finishes like No.4 Matte PVC, due to domestic supply shortages. Meanwhile, global stainless steel consumption is expected to grow by 4% in 2024, driven by demand increases in Asia and China.
Stainless Steel Price
- Nickel opened today down by 1.54% at $17,630/ton, while Copper opened today down by 1.09% at $9,685/ton.
- INR opened today against USD at 84.06/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
- SS 316L imported material is now being retailed in the price range of Rs.320-324/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. 143-148/kg, ex-Delhi, plus GST.
- Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.140-143/- base price (plus thickness difference extra), plus GST.
Stainless Steel Demand and Supply:
- Demand is slightly better in 304 & 316L (CR & HR), in generic sizes, as compared to previous 3 months.
- Not much demand is there in ferritic grades, except some railway fabrication usage in 409M/X2CrNi12/IRSM 44-97 grades.
- Good demand is being observed in No.4/Matte PVCfinish in 201 grades, due to short supply from domestic players, and non-renewal of BIS for imported material.
- Decent demand is also being observed in 304 narrow sizes, for applications like pipes and tubes or rerolling usages, due to short supply in imported material.
Stainless Steel News:
- Nippon Steel’s merger with NSSC aims to tackle challenges like reduced domestic demand and overcapacity in Asia, effective from April 2025.
- Nickel prices on SHFE increased again last Friday. The SHFE NI2410 contract increased by more than 3.6% and the SHFE NI2411 by almost 1.6%.
- According to World Steel Association, global consumption of stainless steel will grow by 4% by the end of 2024 compared to 2023, when the indicator grew by 3.2% y/y.
Expert Opinion
- Both 304 & 316L are expected to have a medium to good run in this week, owing to the slight raw material price increase.
- The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
- The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.
Daily Market Report
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