Stainless Steel Update: Demand Surge in December; Nickel and Copper Increase
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Nickel and copper prices showed an uptick in today's trading, with stainless steel retail prices reflecting these changes. The 200 series is performing exceptionally well due to a shortage of imported materials, while the 300 and 400 series experience steady demand increases. On the supply side, challenges like cash crunches and import restrictions continue.
Key Takeaways
- Nickel and Copper Price Trends: Nickel prices rose 0.69%, while copper increased 0.61%. 304 CR wider 2B is priced at Rs.195-198/kg (ex-Delhi, basic).
- Demand Trends: Strong demand growth observed in the 200 series due to a shortage of imports. The 300 and 400 series are seeing modest demand growth.
- Supply Insights: Indian producers continue purchasing stainless steel scrap at competitive prices. Import restrictions and cash flow issues pose challenges to market liquidity.
- Market Outlook: Prices for the 300 series are expected to rise due to high USD rates. The 400 series may remain costly due to BIS certification requirements.
Stainless Steel Price
- Nickel opened today up by 0.69% at $16,035/mt, while Copper opened today up by 0.61% at $9,130/mt.
- INR opened today against USD at 84.65/-.
- 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.
- Indian flat stainless steel producers are buying scrap after the service of the finished-goods at the following latest prices (plus GST):- 304: Rs.1,27,886/mt 316L: Rs.2,25,065/mt J5 Patta: Rs.72,000/mt J8 Patta: Rs.70,000/mt 430: Rs.56,317/mt
Stainless Steel Demand and Supply
- Demand is slightly getting better in 300 series, but not much, due to cash crunch.
- In 400 series also, demand is seen to be increasing.
- 200 series demand has further increased and is upbeat, due to shortage of imported material.
- No.4 PVC material demand is still on the rise as expected, both in 200 and 300 series, as observed in the past few months.
Stainless Steel News
- China Customs statistics showed that stainless steel exports in October reached 417,000 mt, down 9% MoM but up 24.1% YoY.
- The base metals on the Asian commodity exchange SHFE were favourable on Wednesday. Copper, aluminium, tin and zinc rose by up to 1%. The price of nickel, an important stainless steel and battery raw material, fell by almost 2.6%.
- The EU Commission wants to look for a successor to the EU Safeguard measure on certain steel imports, which expires in mid-2026, in favour of domestic steel manufacturers.
- Turkey’s steel industry is optimistic, aiming to raise capacity utilisation to 70% by 2025 from the current 62.6%, despite global challenges.
Expert Opinion
- SS 300 series prices are expected to rise in the current scenario, since USD is high.
- SS 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
- SS 200 series is also expected to perform very well domestically, as imports are choked.
Daily Market Report
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