Infrastructure & Construction

Stainless steel prices remain stable, with Nickel and Copper gaining. The 200 series sees strong demand due to import shortages, while the 300 and 400 series show gradual improvement. Experts predict price stability for the 400 series and an upward trend for the 300 series due to currency fluctuations. Meanwhile, Taiwan maintains anti-dumping duties on Chinese and Korean imports.

Structure steel prices saw mixed trends, with primary players SAIL, JSPL, and RINL raising prices this month by Rs 500/MT, while the secondary market declined due to weak demand. Heavy beams, angles, and channels in the primary market are selling out fast, causing supply constraints. Experts anticipate continued weakness in the secondary market as demand remains subdued.

Primary TMT prices increased across North, West, and South India, with Mumbai and Delhi NCR rates touching Rs 52,500/MT. Demand is expected to grow by 8-9% in 2025, driven by infrastructure and construction projects. However, competitive imports, especially from China, continue to challenge domestic manufacturers. Experts warn that market volatility and imports may impact pricing, making government intervention crucial for industry stability.

Stainless steel prices remain stable, with slight demand improvements in the 300 and 400 series. The 200 series sees strong domestic demand due to limited imports. Nickel and copper prices declined. Experts anticipate price increases in the 300 and 200 series amid ongoing market shifts. Meanwhile, new research in Taiwan enhances stainless steel’s hydrogen resistance.

The flat steel market remained stable, with no major price changes in HRC and CRC across key locations. Demand is expected to grow by 8-9% in 2025, driven by infrastructure and housing projects, despite challenges from rising imports. Ex-India HRC prices are steady due to sluggish trading activity, and market sentiment remains cautiously optimistic.

Zinc prices saw modest gains as a weaker US dollar and short covering provided support. However, rising inventories and declining global production continue to weigh on the market. Supply concerns persist, with China’s refined zinc output dropping and major mines planning cuts. Market sentiment remains cautious, with technical levels indicating potential resistance and downside risks.

Stainless steel prices remain firm across different series, with the 200 series seeing strong demand due to limited imports. Experts predict that the 300 and 400 series prices will stay elevated, while the 200 series is expected to perform well due to import restrictions. Jindal Stainless anticipates opportunities from new US tariffs but warns of potential dumping risks in India.

The primary structure market sees a Rs 500/mt price hike in February from SAIL, JSPL, and RINL, driven by strong demand. Meanwhile, the secondary market remains stable but is impacted by weak demand, leading to lower prices for raw materials and finished products. Anti-dumping investigations targeting all steel imports, not just Chinese steel, are expected to strengthen India's steel industry by improving margins and capital expenditure, fostering long-term growth, as per Jefferies analysts.

Nickel opens lower at $15,430/mt, while Copper rises slightly to $9,496/mt. The INR stands at 86.75/USD. Domestic stainless steel prices remain varied, with 304 CR wider 2B priced at Rs.197-199/kg, and 201 series prices increasing due to import shortages. Demand for 400 and 200 series shows positive growth.