Stainless Steel Update: 300 Series Demand Dips, 200 Series Shows Resilience

Stainless steel prices remained stable. The 300 series continues to experience low demand due to liquidity issues, while the 200 series demand has risen, driven by limited imports. Experts predict continued sluggishness for the 300 series, while the 200 series is expected to perform well in specialized finishes and thinner sections.

Key Insights

  • Nickel up 0.35% to $15,680/ton; Copper up 0.71% to $9,054/ton. INR stands at 84.44 against USD.
  • SS 300 and 400 series face low demand. SS 200 series sees increasing demand due to import constraints and preference for special finishes.
  • Vietnam lifts anti-dumping measures on stainless steel imports from select countries.
  • India’s steel demand is surging, fueled by significant infrastructure investment.

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Stainless Steel Prices

  • Nickel opened today up by 0.35% at $15,680/ton, while Copper opened today up by 0.71% at $9,054/ton.
  • INR opened today against USD at 84.44/-.
  • 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.

Stainless Steel Demand and Supply

  • Demand is still low in 300 series, due to cash crunch.
  • In 400 series also, demand is not up to the mark.
  • SS 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 has been observed in the past few months.

Stainless Steel News

  • Taiwan's 300 series stainless steel cold-rolled coil imports dropped to 2,000 mt in October 2024, a 27.8% decline month-on-month, marking the lowest since December 2023. October exports rebounded to 41,000 mt, a 13.7% increase from September.
  • Vietnam's Ministry of Industry and Trade terminated anti-dumping measures on cold-rolled stainless steel products from Taiwan, Indonesia, Malaysia, and China, citing no risk of recurring dumping or injury to domestic industries.
  • India's steel demand, driven by a Rs 1.1 trillion infrastructure push, has grown 14-15% annually since FY 2021. By 2030, demand is expected to peak, with construction and infrastructure consuming 60-63% of steel, and automotive and engineering 23%.

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Expert Opinion

  • The 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 continue in the dull category, due to low demand.
  • The SS 200 series is expected to perform satisfactorily in all grades and finishes, especially in thinner sections and No.4 PVC/Matte finishes.

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