U.S. Tariffs Shake Global Steel Market; Nickel Drops 1%
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Nickel fell 1% to $15,420/MT, while copper declined 0.43%, impacting stainless steel costs. Demand for the 200 series is rising due to import shortages, while 300 and 400 series remain stable. Prices may increase as USD remains high and regulatory constraints tighten supply. Meanwhile, the U.S. imposed 25% tariffs on steel imports, affecting global trade.
Key Takeaways
- Nickel and Copper Prices: Nickel dropped 1.00% to $15,420/MT, while copper declined 0.43% to $9,407/MT, impacting stainless steel costs.
- Stainless Steel Prices: 304 CR is at Rs 197-199/kg (ex-Delhi), while SS 316L HR is priced at Rs 318-322/kg, with domestic material remaining costlier.
- Demand Trends: 200 series demand is surging due to import shortages, while 300 and 400 series demand is gradually improving despite cash flow concerns.
- Global Trade Updates: The U.S. imposed 25% tariffs on steel imports, and India-Japan discussions focused on trade and R&D investments in steel.
- Market Outlook: Experts predict price hikes in the 300 and 400 series due to high USD rates and regulatory supply constraints.
Stainless Steel Price:
- Nickel opened today down by 1.00% at $15,420/mt, while Copper opened today down by 0.43% at $9,407/mt.
- INR opened today against USD at 86.95/-.
- Current retail price for 304 CR wider 2B is now running approximately at Rs.197-199/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:
- The cash constraint is causing demand in the 300 series to marginally improve, but not significantly.
- Demand in the 400 series is also seen to be rising.
- Due to the lack of imported material, demand in the 200 series has climbed even more and is optimistic.
- As anticipated, No. 4 PVC material demand has continued to increase in recent months for both the 200 and 300 series.
Stainless Steel News:
- US President Donald Trump imposed 25% tariffs on all steel imports and raised aluminum tariffs from 10% to 25%, effective March 4. The move aims to boost domestic manufacturing but may raise costs. Canada, Brazil, Mexico, and South Korea will be affected. Trump also plans new tariffs on autos, chips, and pharmaceuticals.
- POSCO raised 300-series stainless steel prices by 100,000 won per mt for February, citing rising global prices and costs after initially considering a price freeze.
- On February 7, Zhouning County, China, launched five projects worth CNY 2.057 billion, including stainless steel processing. Two projects will produce 10,000 mt of stainless steel pipes yearly, generating CNY 300 million in sales and over 100 jobs.
- LME nickel futures fell to US$15,756 on February 7 due to a strong dollar and rising inventories but are up 2.8% this year. Prices may remain volatile.
- India and Japan held a Steel Dialogue in New Delhi, discussing trade, cooperation, and R&D investment to drive steel demand.
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.
Daily Market Report
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Stainless Steel Prices Hold Firm as Demand Across Grades Stays Strong
Stainless steel prices remain stable across key grades, with 200 series demand growing due to import shortages. The 300 series is also showing slight improvement despite cash flow constraints. Nickel prices went down by 0.16% today, while Copper opened up by 0.26%. Globally, China’s stainless steel output fell sharply in January but is expected to rebound in February.
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Nickel Drops, Copper Gains; Global Tariff Wars Stir Uncertainty in Stainless Steel Market
Stainless steel prices remained stable, with 304 CR at Rs.197-199/kg and 316L HR at Rs.318-322/kg. Demand for the 200 series surged due to import shortages, while 300 series saw slight improvement. Experts anticipate price hikes in the 300 and 400 series. Meanwhile, global trade tensions escalated as Brazil prepared countermeasures against US steel tariffs.
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