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

Stainless steel prices remain relatively stable, with fluctuations in nickel and copper prices. The 200 series is seeing increased demand due to a shortage of imported materials. The flat steel market in India is facing challenges, but 200 series materials, especially in No.4 PVC finishes, show positive trends.

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.

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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%.

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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.

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