What Is Industry Scenario For Stainless-Steel Market In India?

The Indian Stainless-Steel market has witnessed stability in prices over the past week. Major Stainless-Steel suppliers in India, such as Jindal Stainless and Rimjhim Ispat, have adjusted their prices as per the demand in the market. While the demand for specific grades of Stainless Steel remains firm, the net spot prices have slightly changed in the market on a weekly comparison, Ofbusiness learned from trade participants.

Comprehensive Market Overview

• Current Price- Jindal Stainless has absorbed all lifting discounts and adjusted its base prices accordingly to avoid any confusion in the base prices in the current financial year. The retail price for 304 CR 2B from Rimjhim Ispat 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. 363/kg, and 316L CR 2B is at Rs. 375/kg.

• The Scrap rate of SS 304 is Rs. 125/kg, while 201 J5/J8 mixed Scrap rate is Rs. 70/kg. Jindal’s Scrap buying rate is still Rs.135/kg. Rimjhim’s 201/202/RT grade is being offered at Rs. 124/ton, FOR Delhi basis. Rimjhim RT N1 2B is Rs. 113/ton basic, FOR Delhi.

• Trade- Nickel increased by 0.06%, closing at $23,685/ton, while Copper closed at $9,036/ton yesterday (up by 1.34%). LME Nickel futures kept on increasing, as the Nickel stocks depleted in the LME, by close to 3,000 tons, already in the first 2 weeks of this month.

• Demand- In the market, there is demand for SS 316L HR generic sizes and 304 CR & HR (generic sizes, in both conditions). In addition, there is demand for railway grade 409M in 2.5/3.0/4.0/5.0/6.0mm in HR condition & 201 grade imported No.8 PVC mirror finish in 0.5mm, 0.6mm, 0.7mm, 0.8mm, 1.0mm, 1.2mm & 1.5mm in CR condition as well.

• Supply Dynamics- Last week, Jindal Stainless changed its trade strategy by absorbing all lifting discounts and adjusting its base prices accordingly. This step was taken to avoid any confusion created by different stockists, traders, and distributors offering different rate offers for the same products. Meanwhile, Rimjhim Ispat has recently announced a discount policy starting from April 2023. Lifting will range from 50 tons/month to 1,500 tons/month & above, where MOU benefits will range from Rs. 1,250/ton to Rs. 4,350/ton, applicable only on 200 series grades (both in HR & CR condition and sheets/coils/plates form).

OFB’s Insight

The Stainless-Steel market in India has remained stable in terms of prices, with demand and supply staying firm for specific grades.

While the prices slightly changed in comparison to March 2023, the market is expected to remain stable in the coming weeks. With the demand for SS 316L HR generic sizes and 304 CR & HR (generic sizes, in both conditions), the industry is expected to continue its steady growth.

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