Stainless Steel Update: Nickel and Copper Prices Fluctuate Amid Growing Demand in Key Sectors

Key Highlights

• Nickel and Copper Trends: Nickel dipped by 0.49%, while copper rose by 0.32%.
• Demand Insights: 200 series demand remains upbeat; PVC materials see consistent growth.
• Global Market: Prices dipped in Germany and China; US markets remained stable due to steady demand and production.
• Infrastructure Boost: India’s affordable housing demand enhances stainless steel’s role in construction and infrastructure sectors.
• Expert Outlook: Price increases expected across all major series due to domestic and global factors.

Stainless Steel Price:

• Nickel opened today down by 0.49% at $15,225/mt, while Copper opened today up by 0.32% at $8,796/mt.

• INR opened today against USD at 85.75/-.

• 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 Supply and Demand:

• Demand is slightly getting better in 300 series, but not that 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:

• The Stainless Steel CR coil market showed mixed trends last week. Prices in Germany and China dipped due to weak demand and market fluctuations, with Germany seeing a 0.8% weekly drop. Meanwhile, the US market maintained price stability, driven by steady demand and consistent production.
• Synergy Steels highlighted the rising demand in India’s real estate and infrastructure sectors, especially in affordable housing, which requires 96,000 units daily, as per a CII and Knight Frank report. This growth boosts stainless steel’s role in construction and infrastructure, leveraging its durability and sustainability to meet these demands.
• China will lower temporary import tax rates on 935 commodities, including recycled copper and aluminium, in 2025. The tax adjustments, promoting green development and innovation, cover pharmaceuticals, equipment, and petrochemical raw materials while maintaining preferential rates for 43 least-developed countries and 24 free trade agreements.

Expert Opinion:

• 300 series prices are expected to rise in the current scenario, since USD is high.
• 400 series prices are also expected to remain on the steeper side, because of the BIS issue.
• 200 series is also expected to perform very well domestically, as imports are choked.