Stainless Steel Prices Steady Amid Demand Growth in 200 Series
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Stainless steel prices remained stable with demand improving, especially in the 200 and 400 series. A weaker US dollar and higher scrap costs are supporting prices globally. Vietnam's removal of anti-dumping duties has increased exports, while domestic production faces BIS-related challenges and limited high-quality scrap availability.
Key Takeaways
- Price Trends: Stable 304 CR prices at Rs. 195-198/kg, while SS 316L HR imported material retails at Rs. 318-322/kg, plus GST.
- Demand Shifts: 200 and 400 series demand is rising, supported by limited imports and China's market improvements.
- Global Impact: Vietnam’s anti-dumping duty removal on stainless steel increased Taiwan’s exports by 39% MoM in November.
- Market Influences: Rising nickel futures and weaker USD support stainless steel prices, while Taiwan faces scarcity of high-quality scrap.
- Expert Insights: High USD and BIS compliance issues are driving price expectations higher, particularly in the 300 and 400 series.
Stainless Steel Price
- Nickel opened today down by 0.03% at $15,425/mt, while Copper opened today up by 0.33% at $8,941/mt.
- INR opened today against USD at 85.20/-.
- 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.
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 observed in the past few months.
- Prices supported by stainless steel demand in China and a weaker US dollar, though demand remains sluggish.
- High-quality scrap remains scarce in Taiwan scrap market, driving up prices and demand.
Stainless Steel News
- Vietnam removed anti-dumping duties on stainless steel from Taiwan, China, Malaysia, and Indonesia in October 2024. Taiwan’s stainless steel exports to Vietnam rose by 39% MoM in November, reaching 2,700 mt.
- Sambhv Steel Tubes launched stainless steel products, including HRAP and cold-rolled coils, with a 60,000 MTPA capacity.
- Nickel futures rose by US$243/mt, closing at US$15,356/mt on December 20.
- China Steel Corporation (CSC) announced flat pricing for January and Q1 2025 to stabilize costs during the off-season. Potential benefits are being seen from U.S. tariff policies under Trump's re-election.
Expert Opinion
- SS 300 series prices are expected to rise in the current scenario, since USD is high.
- SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
- SS 200 series is also expected to perform very well, domestically, as imports are choked.
Daily Market Report
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Nickel and Copper Prices Increase; Stainless Steel Demand Remains Strong
Nickel and copper prices have shown an upward trend, with nickel increasing by 0.88% to $15,485/ton and copper rising by 0.46% to $8,983/ton. Stainless steel demand remains strong, particularly in the 200 and 300 series, due to a shortage of imported materials and growing domestic demand.
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Nickel and Copper Rise as Stainless Steel Demand Gains Momentum
Stainless steel prices show varied trends, with nickel and copper gaining and a mix of upward price movements across product grades. The demand for 300 and 200 series continues to improve, while a cash crunch keeps growth limited. The market is shaped by domestic supply challenges, with EU safeguard measures and reduced imports impacting trade dynamics.
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