Stainless Steel Prices Show Mixed Trends as Demand Shifts Across Grades

Stainless steel prices are experiencing fluctuations due to varying demand across grades. While 300 and 400 series face low demand, the 200 series is seeing increased interest. Market sentiment remains subdued, particularly for the 300 series, with some positive trends for specific finishes.

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.

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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%.

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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.

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