Stainless Steel Shows Mixed Demand; Nickel and Copper Prices Unchanged

Stainless Steel Price

• Nickel opened today unchanged at $16,284/ton, while Copper opened today unchanged at $9,310/ton.
• INR opened today against USD at 83.72/-.
• 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 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

• Mining Resources (MinRes), which runs the Onslow Iron Ore project in Australia, completed its first shipment in May, bringing total exports to over 1 million tons. The company plans to reach its targeted shipping capacity of 35 million tons annually by the second quarter of 2025.
• On September 12, Nippon Steel Trading announced that its subsidiary, Nippon Steel Trading (Philippines) Corporation, which was established in April, has officially begun operations.
• Russian president Vladimir Putin's suggestion to cap exports of nickel in retaliation for Western sanctions has been greeted with little reaction by the market.

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.