Stainless Steel Prices Strong as Nickel and Copper Surge

Key Insights

• Nickel and Copper Prices: Nickel increased by 1.81% to $16,070/mt, while Copper saw a slight rise of 0.14%.
• Price Trends: Retail prices for 304 CR 2B range from Rs. 195-198/kg, while 316L HR imported material is priced between Rs. 318-322/kg.
• Demand: Weak demand continues in the 300 and 400 series, while the 200 series and No.4 PVC materials see an uptick in demand.
• Indian Market Developments: Calls for a temporary tax on rising steel imports from FTA countries to protect domestic producers and safeguard margins.

Stainless Steel Price

• Nickel opened today up by 1.81% at $16,070/mt, while Copper opened today up by 0.14% at $9,100/mt.
• INR opened today against USD at 84.37/-.
• 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 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 up to 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

• Nickel futures rose 1.8% on SHFE and LME prices hit over USD 16,100/mt. Indonesia plans to cut nickel mining quotas by 27% by 2026 and reduce license fees for ores used in battery production, limiting availability for stainless steel production.
• The global steel market remains weak, with sluggish demand for stainless steel. Vietnam lifted anti-dumping duties on Taiwan’s cold-rolled stainless steel, benefiting Taiwan manufacturers. However, low demand persists despite price hikes.
• In India, the Indian Steel Association (ISA) urged the government to impose a temporary tax to curb rising carbon steel imports, which reached a seven-year high of 5.7 million mt. Imports are displacing 20% of the market and causing steelmaker margins to fall 68-91%, prompting calls for anti-dumping investigations and safeguard duties.

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 lack of 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.