Stainless Steel Prices Stable as Nickel Increases, Copper Decreases

Stainless Steel Price

• Nickel opened today up by 0.11% at $18,200/ton, while Copper opened today down by 0.31% at $10,054/ton.
• INR opened today against USD at 83.93/-.
• 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.317-321/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

• China's leading nickel producer, Tsingshan, reduced its ferronickel production in Indonesia due to ore shortages linked to delays in mining quota approvals. This tight supply raised nickel production costs, prompting Indonesian smelters to source ore from the Philippines.
• The outlook for China's domestic stainless steel market has been bleak since early September, marked by low sentiment across various sectors, including plates, profiles, pipes, and wires.
• On October 1, 2024, the Canadian government announced that it would introduce the surtax of 25% on almost all Chinese steel, stainless steel and aluminum imports.
• In the Eurozone, inflation dropped to 1.8% in September 2024, according to preliminary data from Eurostat. This marks a slowdown from 2.2% inflation rate in August.

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.