Stainless Steel Prices Stabilise as Demand Increases in Key Series

Key Takeaways

• Nickel and Copper Movement: Nickel saw a 0.29% rise, while copper dropped 0.43% today. INR/USD stands at 86.39/-.
• 304 and 316L Stainless Steel Prices: Prices for 304 CR wider 2B range from Rs. 197-199/kg, while SS 316L HR ranges from Rs. 318-322/kg.
• Demand Trends: Demand is improving for 200 and 400 series stainless steel, with the 300 series seeing modest improvement.
• Expert View: Prices for 300 and 400 series are expected to rise, with the 200 series performing well due to import constraints.
• China's Market Impact: China's stainless steel imports increased slightly, while annual imports showed a decline, with Indonesia as the top supplier.

Stainless Steel Price:

• Nickel opened today up by 0.29% at $15,625/mt, while Copper opened today down by 0.43% at $9,236/mt.
• INR opened today against USD at 86.39/-.
• 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 has been observed in the past few months.

Stainless Steel News:

• China's stainless steel imports in December 2024 were 142,000 mt, up 12,000 mt month-on-month but down 126,000 mt year-on-year. Annual imports fell by 193,000 mt, with Indonesia supplying over 83%. Exports in December reached 466,000 mt, a 130,000-mt increase year-on-year, with Vietnam as the top destination.
• Marcegaglia UK expanded its Oldbury site to produce stainless steel tubes, increasing capacity to 100,000 mt.
• HBIS Group launched 3D-printed breathable steel for molds, improving air permeability and service life.
• Indonesia approved a 2025 nickel mining quota of 0.2985 billion wet mt, up from 0.27189 billion mt in 2024, contributing to a global supply surplus as the top nickel producer.
• Despite a ceasefire between Israel and Hamas, shipping lines remain cautious about using the Red Sea route, with analysts predicting delays due to security concerns and market uncertainties.

Expert Opinion:

• 300 series prices are expected to rise in the recent scenario, since USD is high.
• 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• 200 series is also expected to perform very well domestically, as imports are choked.