Stainless Steel Prices Surge Amid Higher Nickel Rates and Tight Supply
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Stainless steel prices are trending higher, driven by a rise in nickel prices, which opened at $16,790/ton today. Demand for 304 and 316L stainless steel has picked up in recent months, but ferritic grades remain weak. The shortage of imported material, especially in 201 grades with special finishes, has resulted in higher prices.
Stainless Steel Price
- Nickel opened today up by 0.21% at $16,790/ton, while Copper opened today down by 0.13% at $10,068/ton.
- INR opened today against USD at 83.63/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi, while for narrow, it is approximately Rs.3-5/kg cheaper, plus GST.
- SS 316L imported material is now being retailed in the price range of Rs.317-321/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. 143-148/kg, ex-Delhi, plus GST.
- Domestic 201 (cheapest grade) is now being retailed in the price range of Rs.140-143/- base price (plus thickness difference extra), plus GST.
Stainless Steel Demand and Supply
- Demand is slightly better in 304 & 316L (CR & HR), in generic sizes, as compared to previous 2 months.
- Not much demand is there in ferritic grades, except some railway fabrication usage in 409M/X2CrNi12/IRSM 44-97 grades.
- Good demand is being observed in No.4/Matte PVCfinish in 201 grades, due to short supply from domestic players, and non-renewal of BIS for imported material.
- Decent demand is also being observed in 304 narrow sizes, for applications like pipes and tubes or rerolling usages, due to short supply in imported material.
Stainless Steel News
- The LME nickel futures continued the upward trend on September 25, up by US$86, closing at US$16,796/ton, racing a new high this month. The spot price also increased by US$89 to US$16,554/ton.
- Shanghai Nickel prices saw a 1.31% increase, while stainless steel futures rose by 1.56% in recent days, driven by China’s bullish financial policies.
- China’s stainless steel imports totalled 99,500 tons in August, falling by 16.8% compared to the previous month and by 43% from the same month a year ago.
- Tata Steel Nederland announced the initiation of a new decoiling line and an automated sheet packaging line at its Feijen steel service center in Maastricht.
Expert Opinion
- Both 304 & 316L are expected to have a medium to good run in this week, owing to the slight raw material price increase.
- The 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
- The 200 series is still performing strongly, in special finishes like N4P (Matte PVC) & N8P (Mirror PVC) owing to the lack of imported products in the market.
Daily Market Report
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