Daily Market Report

Stainless steel prices continue to hold firm across all major grades. While 300 series demand is improving, supply shortages persist. The 200 series remains upbeat amid limited imports, and the 400 series is seeing rising interest. Meanwhile, ISSDA plans to approach DGTR to investigate dumping and recommend anti-dumping duties on stainless steel imports.

Aluminium prices remain volatile amid global trade tensions, with LME opening higher today at $2,373.6/ton. Despite the U.S. raising aluminium tariffs to 25%, India's producers remain largely unaffected due to minimal U.S. exposure. Analysts see strong international demand and tightening supply in Asia, but caution that further price direction depends on trade policy clarity and China’s production limits.

Stainless steel prices are showing firmness across grades, especially in the 200 and 300 series, driven by supply shortages and increased demand for PVC-coated material. Jindal Stainless has raised prices by Rs 2/kg for 304/316L as demand improves. 304 CR wider 2B now trades at Rs 189–194/kg, while 316L HR imported is around Rs 330/kg. Scrap purchase prices have also increased, reflecting cost pressures.

Zinc prices remained steady across global exchanges, supported by a sharp rise in Chinese refined zinc output, which increased nearly 14% MoM. On the MCX, prices hovered near Rs 246.5/kg amid a short-covering trend. Domestic production growth was driven by resumed operations and better economics for smelters. Technical indicators suggest prices may face resistance ahead.

Stainless steel prices across all major series (200, 300, and 400) remain firm in May 2025, with demand improving and supply tight, especially in the 300 series. While 200 series sees upbeat demand due to reduced imports. As global trade tensions mount, the industry pushes for tariff protections to safeguard local manufacturers.

Global aluminium production increased 2.3% YoY in March, with China nearing its production cap. Inventories declined in both China and Japan, suggesting tightening supply. LME and MCX prices saw a modest rise, reflecting increased buying interest. Export momentum continues, but policy support is critical to sustaining growth.

Stainless steel prices in India are holding steady with strong performance in the 200 and 400 series, while the 300 series sees a slow but positive uptick in demand. Import pressures, especially from China and ASEAN countries, have led the Indian industry to seek protection through safeguard duties. Meanwhile, No.4 PVC material demand continues to rise, and retail pricing remains firm.

Stainless steel prices remain firm across grades, with 304 and 316L seeing stable retail ranges. Shortage in imported supply is boosting demand for domestic 200 and 300 series. Scrap buying rates stay elevated, reflecting mills’ bullish outlook. Export disruptions due to U.S. tariffs are pushing Indian producers to prioritize local buyers. Market insiders expect continued strength across all series.

Stainless steel prices across 200, 300, and 400 series are trending higher due to tightening supply and increased demand, especially in domestic markets. Jindal Stainless Limited raised prices by Rs 3/kg for widths above 1300mm. Meanwhile, scrap buying rates remain high, reflecting bullish sentiment. Price expectations remain firm across all series due to ongoing logistical and regulatory constraints.

Zinc prices remained mixed across global exchanges. LME dipped slightly, while SHFE and MCX posted modest gains. While China’s Q1 growth beat expectations, zinc fundamentals were weighed down by higher refined output. Meanwhile, supply concerns resurfaced due to production cuts at Nyrstar and potential slowdowns elsewhere. Spot premiums stayed elevated, but trading activity slowed as buyers relied on earlier low-price stockpiles.

The stainless steel market is seeing gradual demand improvements, especially in the 300 and 400 series, but supply issues continue. Prices for 304 CR and 316L HR material are holding steady, with fluctuations in imported and domestic material pricing. Demand in the 200 series has risen significantly due to limited imports.

The stainless steel market continues to show mixed trends across series, with demand improving and imports facing hurdles. Prices remain steady to firm, particularly in the 200 and 300 series, as global nickel prices rise. Domestic supply remains tight, especially for 300 series, pushing prices upward. Additionally, LME nickel has surged over 9% since last week, countering early speculation about price corrections.