Stainless Steel Prices Show Mixed Trends as Nickel and Copper Decline

Key Insights

• Nickel & Copper Prices Decline: Nickel down by 0.22% at $15,720/mt, Copper down by 0.13% at $8,981/mt.
• Demand & Supply: Weak demand for 300/400 series; increased demand for 200 series, especially thinner and No.4 finishes.
• Industry News: Japan's stainless steel exports rose, while POSCO workers demand higher wages; limited production impact.
• Expert Insights: SS 300 series expected to remain weak; 200 series likely to perform well, especially in thinner sections.

Stainless Steel Prices

• Nickel opened today down by 0.22% at $15,720/mt, while Copper opened today down by 0.13% at $8,981/mt.
• INR opened today against USD at 84.75/-.
• 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 up to 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

• Japan's stainless steel exports in October reached 61,400 tons, up 4.6% from the previous month, with the average export price falling 1.9%. Exports to China (+8%), South Korea (+43.7%), and Taiwan (+16.2%) grew, but exports to the US (-49%) and Thailand (-2.8%) declined. Overall, stainless steel and special steel exports dropped by 12.5% month-on-month to 466,000 tons.
• Canadian Deputy PM Chrystia Freeland called for consistent USMCA policies to protect workers from China. PM Trudeau warned US tariffs could increase consumer costs and harm industries, critiquing Trump's move as a broken promise.
• POSCO workers voted for a strike, demanding an 8.3% wage increase and 300% bonuses. However, negotiations continue, and due to steel inventories, the strike might have limited production impact.

Expert Opinion

• SS 300 series is expected to continue its dull run in the current scenario.
• SS 430 and 410S performance is being marked as average, while 409M & 409L, in ferritic grades, are expected to continue 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.