Stainless Steel Prices Stay Strong as Nickel and Copper Open Higher
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Nickel opened higher today, boosting stainless steel price sentiments. Imported 200-series stainless steel remains in short supply, driving up domestic demand. Cash constraints have limited significant improvement in 300-series demand, while 400-series prices stay strong due to BIS regulations. Meanwhile, Taiwanese mills have raised 300-series prices, citing currency fluctuations and global cost pressures.
Key Takeaways
- Nickel and Copper Open Strong: Nickel increased by 0.41% to $15,270/mt, while Copper increased by 0.57% to $9,151/mt.
- 200-Series Stainless Demand Rises: Limited imports are driving higher demand for 200-series stainless, keeping domestic prices firm.
- 300-Series Prices Expected to Increase: With a stronger USD and cost pressures, 300-series prices may rise further.
- 400-Series Prices Remain High: BIS issues continue to support higher prices in the 400-series stainless steel market.
- Taiwan Mills Announce Price Hikes: Walsin Lihwa and Tang Eng raised 300-series prices due to currency depreciation and global uncertainty.
Stainless Steel Price:
- Nickel opened today up by 0.41% at $15,270/mt, while Copper opened today up by 0.57% at $9,151/mt.
- INR opened today against USD at 87.11/-.
- 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:
- The cash constraint is causing demand in the 300 series to marginally improve, but not significantly.
- Demand in the 400 series is also seen to be rising.
- Due to the lack of imported material, demand in the 200 series has climbed even more and is optimistic.
- As anticipated, No. 4 PVC material demand has continued to increase in recent months for both the 200 and 300 series.
Stainless Steel News:
- Taiwan’s Walsin Lihwa raised its February price for 300-series stainless steel wire rods by NT$1,000/mt, while 200- and 400-series prices remained unchanged. The company cited the New Taiwan dollar’s depreciation and global economic uncertainty as cost pressures. Tang Eng also raised 304 hot- and cold-rolled prices by NT$1,000/mt and 316L surcharges by NT$2,000/mt.
- Yieh Hsing increased 300-series stainless steel wire rod prices by NT$1,000/mt, keeping other prices unchanged. Feng Hsin Steel raised rebar and scrap prices by NT$300/mt, with rebar now at NT$18,000/mt and scrap at NT$8,700/mt. Market response depends on international raw material prices.
- Japan’s ferrous scrap exports fell 5.6% YoY to 6.54 million mt in 2024, with Vietnam as the top buyer. South Korea and Taiwan saw drops of 41% and 32%, respectively.
- Indonesia will cut nickel ore mining quotas by 10% in 2025 and plans a further 20% reduction in 2026. The government is also reviewing export controls on processed nickel products.
Expert Opinion:
- In the current situation, 300 series prices are anticipated to increase due to the high USD.
- 400 series prices are expected to stay high due to the BIS issue.
- 200 series is also anticipated to do very well domestically due to limited imports.
Daily Market Report
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