Stainless Steel Prices Surge; Nickel and Copper on the Rise
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Nickel prices increased by 0.03% to $16,555/ton, while copper rose by 0.45% to $9,591/ton. The retail price for 304 CR wider 2B is around Rs 198-201/kg in Delhi, with 316L HR imported material priced at Rs 317-321/kg. Meanwhile, China's stainless steel exports surged by 19% in August, signaling robust international demand.
Stainless Steel Price
- Nickel opened today up by 0.03% at $16,555/ton, while Copper opened today up by 0.45% at $9,591/ton.
- INR opened today against USD at 83.55/-.
- 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
- China's stainless steel exports in August reached approximately 488,000 tons, marking a month-on-month increase of 19% and a year-on-year rise of 33.4%. This growth was primarily driven by a surge in steel coil exports.
- Vietnam's Trade Remedies Authority reported that Thailand's Department of Foreign Trade has received a request for an anti-dumping investigation into cold-rolled stainless steel products from Vietnam, initiated by Posco-Thainox Public Company Limited.
- Outokumpu, a global leader in sustainable stainless steel, published a white paper on the future of steel, stressing the urgent need for transformation as the industry faces increasing geopolitical and environmental pressure. The steel industry currently contributes 10% of global greenhouse gas emissions.
- The Indian government has notified the World Trade Organisation (WTO) that it intends to introduce countermeasures against the EU’s safeguard measures on certain steel products.
Expert Opinion
- Both SS 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.
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