Stainless Steel Prices Surge as Nickel and Copper Show Upward Trends
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Stainless steel prices rise slightly, with Nickel increasing 0.27% and Copper increasing 0.42%. Demand for 304 and 316L has improved compared to previous months. Imported material supply remains tight, driving demand for domestic products. Meanwhile, Outokumpu has increased alloy surcharges for European customers.
Stainless Steel Price
- Nickel opened today up by 0.27% at $16,780/ton, while Copper opened today up by 0.42% at $9,837/ton.
- INR opened today against USD at 83.58/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.198-201/kg basic price range, ex-Delhi. 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 the 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
- Outokumpu, one of Europe’s leading stainless steel manufacturer based in Finland, has announced its new alloy surcharges of stainless steel flat products for October for its European customers.
- Wei Chih Steel Industrial Co., Ltd., a rebar producer in Taiwan, announced today that it will suspend its scrap collection.
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 SS 400 series is continuing with its dull run, due to the lack of demand in ferritic grades.
- The SS 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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