Stainless Steel Update: Rising 200-Series Demand Amid Market Challenges

Key Highlights

Prices: Nickel steady at $15,465/mt; Copper up by 0.73% to $9,068/mt. SS 304 CR wide 2B is at Rs.195-198/kg (ex-Delhi). 200 Series: High demand, driven by limited imports and rising No.4 PVC material popularity. 300 & 400 Series: Weak demand continues due to cash constraints. Tariffs: Global steel oversupply sparks protective tariffs in the USA and EU.

Stainless Steel Prices

Nickel opened today unchanged at $15,465/mt, while Copper opened today up by 0.73% at $9,068/mt.

INR opened today against USD at 84.48/-.

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/- per MT 316L: Rs.2,25,065/- per MT J5 Patta: Rs.72,000/- per MT J8 Patta: Rs.70,000/- per MT 430: Rs.56,317/- per MT

Stainless Steel Demand and Supply

• Demand is still low in the 300 series, due to cash crunch.
• In the 400 series also, demand is not up to the mark.
• 200 series demand has rather increased and is upbeat, due to a lack of imported material.
• No.4 PVC material demand is still on the rise, both in 200 and 300 series, as observed in the past few months.

Stainless Steel News

Ulbrich Stainless Steels & Special Metals has acquired ATI’s precision rolled strip operations in New Bedford, MA, and Remscheid, Germany. These facilities will be renamed Ulbrich Precision Alloys and Ulbrich Europe Metals, respectively, boosting Ulbrich’s global precision-rolling capabilities. Global steel oversupply has led to protective measures like increased tariffs in the USA and Europe. The USA may raise tariffs on Chinese imports to 60%, pushing Chinese producers toward less-regulated markets like South Africa, which is already grappling with oversupply. The EU's green steel projects could consume 19% of its renewable hydrogen target by 2030. Recycling and importing materials could mitigate resource demands but risk reduced self-sufficiency and job losses. London copper prices rose slightly but faced a 4% weekly drop due to a strong dollar and weak Chinese demand. Shanghai Futures Exchange copper was down 4.6% for the week, reflecting ongoing market volatility.

Expert Opinion

• 300 series is expected to continue its dull run, in the recent scenario.
• 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 a lack of demand.
• The 200 series is expected to be performing satisfactorily in all grades and finishes, especially thinner sections and No.4 PVC/Matte finishes.