Stainless Steel Industry In India: Stable Prices For 300 Series, Downtrend In These Grades
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Stainless Steel prices in India have remained stable this week for the 300 series. Domestic plants such as Jindal and Rimjhim Ispat are maintaining their prices. However, some grades such as SS 400 series have not shown much improvement in demand, resulting in a firm price range.
Jindal Stainless has reduced its 316L grade rates in both HR and CR by Rs. 10,000/ton. It happened due to the weakening demand in this grade and due to the reduction in the difference between SS 304 and 316L by foreign mills as the molybdenum availability situation is gradually easing out, Ofbusiness learned from the industry participants.
Impact Of Nickel Prices
The recent economic improvement in China has caused a surge in LME Nickel prices. China’s first-quarter GDP performance was higher than expected at 4.5%, contributing to the rise. The low quantity of refined Nickel stock in the LME, along with the weakening of the US dollar index, has further affected Nickel prices. The current average price of Nickel is $23,588/ton, indicating positivity in the international sales of SS 300 series Stainless Steel.
What Is The Stainless Steel Price?
Here are the details about Stainless Steel prices in India:
- Rimjhim Ispat’s retail price for SS 304 CR 2B is Rs. 210/kg, compared to Jindal’s Rs. 220/kg. Jindal’s 304 HR N1 is at Rs. 212/kg basic, while 316L HR N1 is at Rs. 353/kg, and 316L CR 2B is at Rs. 365/kg; FOR Delhi.
- SS 201 J2 imported CR is being retailed at Rs. 127/kg, No.4 PVC finish at Rs. 130/kg, and No.8 mirror finish at Rs. 140/kg, FOR Delhi.
- The Scrap rate of SS 304 is Rs. 125/kg, while the 201 J5/J8 mixed Scrap rate is Rs. 70/kg. Jindal’s Scrap buying rate is still Rs. 135/kg. The SS 316L Scrap rate was around Rs. 230/kg.
Market Outlook
It is expected that SS 304 will continue to show positivity in the coming days. However, the SS 200 and 400 series might have a dull run in the remaining days of this month.
OFB’s Insight
When it comes to Stainless Steel prices in India, the stability in prices for SS 300 series in India is a positive sign for the Stainless Steel industry, but the downtrend in some grades and the fluctuating Nickel prices are challenging to overcome. As the industry moves forward, keeping an eye on these trends and making necessary adjustments will be crucial for success.
Read more: What Are Current TMT Market Scenario In India And China?
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