Stainless Steel Prices Stable; Nickel and Copper See Slight Declines

Stainless Steel Price

• Nickel opened today down by 0.012% at $16,745/ton, while Copper opened today down by 0.43% at $9,771/ton.
• INR opened today against USD at 83.63/-.
• 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 2 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

• Indian Stainless Steel Development Association (ISSDA), the body representing domestic stainless steel producers has urged the steel ministry to impose a protective surtax on imports of stainless steel products from China, to secure a level playing field for the domestic manufacturers while facing rising imports.
• China's stainless steel scrap imports reached 7,100 tons in August, rising by 33% from the previous month but plummeting by 61% compared to the same month a year ago.
• Bloomberg Intelligence (BI) reported that China's steel industry is on the brink of a severe crisis, which is likely to trigger numerous bankruptcies and accelerate industry consolidation. According to BI senior analyst Michelle Leung, nearly 75% of Chinese steel companies reported losses in the first six months of this year, with many at risk of bankruptcy.
• Acciai Speciali Terni (Arvedi AST), a stainless steel manufacturer in Italy, closed one of two electric arc furnaces at its Terni plant late last week due to a technical failure of the walking beam system.
• The International Nickel Study Group (INSG) forecasts that the global nickel production will reach 3.65 million tons in 2025, higher than the 3.52 million tons in 2024. Additionally, the global demand for nickel was expected to be 3.51 million tons in 2025, versus the forecast of 3.35 million tons for this year.

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.