Stainless Steel Prices Steady Amid Low Demand, With Positive Outlook for 200 Series

Key Insights

• Price Fluctuations: Nickel is up by 0.69%, while Copper is down by 0.24%. Stainless steel prices for 304 CR 2B in Delhi range from Rs. 195-198/kg.
• Demand and Supply Trends: Demand remains weak for the SS 300 and 400 series, while the 200 series sees increased demand due to limited imported material availability.
• Market Outlook: The SS 300 series may continue its poor performance, while the 200 series, particularly in thinner sections and No.4 finishes, may perform well in the coming months.

Stainless Steel Price

• Nickel opened today up by 0.69% at $16,010/mt, while Copper opened today down 0.24% at $8,999/mt.
• INR opened today against USD at 84.47/-.
• 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.
• Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):- 304: Rs.1,27,886/mt 316L: Rs.2,25,065/mt J5 Patta: Rs.72,000/mt J8 Patta: Rs.70,000/mt 430: Rs.56,317/mt

Stainless Steel Demand and Supply

• Demand is still low in the 300 series due to cash crunch.
• In the 400 series also, demand is not upto the mark.
• 200 series demand has rather increased and is upbeat, due to lack of imported material.
• No.4 PVC material demand is still on the rise, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News

• Outokumpu has collaborated with Schmidt Edelstahl and Meiller Aufzugtüren to launch Outokumpu Circle Green, a sustainable stainless steel material designed for elevator doors in coastal environments. The material, Outokumpu’s Supra 316L/4404 grade with a Deco Linen finish, reduces CO2 emissions by up to 93% compared to industry standards.
• China imported around 158,000 mt of stainless steel in October, marking a 32.1% month-on-month increase but a 44.3% year-on-year decline. Exports reached 417,000 mt, a month-on-month drop of 9% but a year-on-year increase of 24%.

Expert Opinion

• SS 300 series is expected to continue its dull run in the recent scenario.
• SS 430 and 410S performance is being marked as average, while 409M & 409L, in ferritic grades, are expected to be continuing in the dull category due to low demand.
• The SS 200 series is expected to be performing satisfactorily in all grades and finishes, especially in thinner sections and No.4 PVC/Matte finishes.