Stainless Steel Prices Show Mixed Trends as Demand Shifts Across Grades

Key Highlights

• Price Trends: Prices for 304 CR wider 2B range between Rs. 195-198/kg, while 316L HR imported material is priced around Rs. 318-322/kg.
• Demand Shifts: Demand for 300 and 400 series remains low, while the 200 series sees increased demand, especially in thinner sections.
• Raw Material Prices: Prices for scrap materials used in stainless steel production are significantly higher, with 304 scrap at Rs. 1,27,886/mt.
• Industry Updates: Aperam S.A. plans to acquire Universal Stainless & Alloy Products for $406 million, a move to expand its stainless steel production capacity.

Stainless Steel Prices

• Nickel opened today up by 1.26% at $16,015/mt, while Copper opened today up 0.89% at $9,048/mt.
• INR opened today against USD at 84.33/-.
• 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.
• 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

• Luxembourg-based Aperam S.A. will acquire U.S. steel producer Universal Stainless & Alloy Products, Inc. in an all-cash deal worth $406 million, structured as a reverse triangular merger. The transaction, expected to close in Q1 2025, will see Aperam acquire all outstanding shares of Universal.
• The World Stainless Association highlighted that while CO2 emissions during stainless steel production are higher than other materials, the overall life-cycle emissions are low.
• Copper prices fell 0.3% to $9,062 per mt due to fears over demand in China, a stronger dollar, and the ongoing war in Ukraine. Since late September, LME copper prices have dropped 11%.

Expert Opinion

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