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

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.

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%.

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.