Stainless Steel Prices Strong as Nickel and Copper Surge

Stainless steel prices are experiencing fluctuations due to rising nickel and copper prices, with retail prices for various grades showing slight increases. Demand remains weak in the 300 and 400 series, while the 200 series is seeing higher demand, primarily due to a shortage of imported material. The global market remains sluggish despite price hikes.

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.

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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.

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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 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.

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