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Stainless Steel
Stainless Steel
Daily Report

OfBusiness Stainless Steel Dailies | 29th November 2023

Nickel opened 0.96% higher at $16,890/ton. Rimjhim's 304 CR 2B at Rs.197/kg. Jindal's 304 HR N1 at Rs.190/kg. Demand noted in 316L HR and 304 CR & HR. Jindal Stainless raised JT prices; Rimjhim Ispat is yet to adjust.


  • Nickel opened today up by 0.96% at $16,890/ton, while Copper opened today up by 0.01% at $8,474/ton.
  • INR opened today similarly against USD at 83.31/-. Jindal Stainless Limited’s share opened today at Rs. 518.00/- (down by 4.52%).
  • Rimjhim’s retail price for 304 CR 2B is now running at Rs. 197/kg, compared to Jindal’s Rs. 202/kg (for wider) and Jindal’s Rs. 198/kg (for narrow). Jindal’s 304 HR N1 is at Rs. 190/kg basic against Rimjhim’s Rs. 187/kg, while 316L Jindal HR N1 is at Rs. 317/kg, and 316L Jindal CR 2B is at Rs. 327/kg.
  • SS 201 J2 imported CR is being retailed at Rs. 133/kg, No.4 PVC finish at Rs. 136/kg, and No.8 mirror finish at Rs. 146/kg, FOR Delhi (plus GST).
  • Rimjhim’s 201/202/RT grade is being offered at Rs. 130/kg, RT N1 is Rs. 119/kg basic, while RT N1 NBT grade is Rs. 123/kg basic FOR Delhi basis.
  • SAIL Salem 409M HR price is Rs. 115/kg, and 409M CR price is Rs. 129/kg, while SS-LNA prices are maintained at Rs. 128/kg ex-plant, plus GST.

Demand and Supply

  • Demand is there in 316L HR generic sizes and also in 304 CR and HR (generic sizes, in both conditions), but supply is also at par (in some cases, supply is more).
  • Some demand is there in railway grade 409M in 2.5/3.0/4.0/5.0/6.0mm in HR condition.
  • Also, demand can be seen in 201 grade imported No.8 PVC mirror finish in 0.5mm, 0.6mm, 0.7mm, 0.8mm, 1.0mm, 1.2mm and 1.5mm in CR condition.
  • Slight demand is there in 201 2B, but N4 PVC finish certainly has great demand, as usual.
  • Some demand is being observed in 304 CR 2B narrow-width also. The 400 series doesn’t have much demand, as usual, except 409M grade HR quality ferritic Stainless Steel.


  • Jindal Stainless Limited increased their JT prices today by Rs. 2,000/ton in CR and Rs. 4,000/ton in HR. It is expected that the same effect will be replicated in other 200 series grades as well.
  • Rimjhim is still apprehensive about adjusting its prices and has not yet adjusted its prices even after much anticipation, even after Jindal changed its prices twice in the past 1 week. It is expected that they will take a call on this very soon.
  • In response to a $1,100/ton rise in Nickel prices within 24 hours on the LME, Yongjin Technologies in Vietnam increased the prices of 304 and 316L Cold Rolled 2B Finish Stainless Steel by $30/ton. Additionally, Fujian Dingxin in China raised HR No.1 Finish prices by $20/ton for the 300 series.
  • The Indian government is set to unveil the National Stainless Steel Policy in early 2024, responding to foreign competition challenges. The policy aims to boost domestic Stainless Steel production to 10 million tons annually in the medium term and target 10% of global stainless steel production in the long term, up from the previous 6.6 million tons.
  • To promote locally produced Steel globally, the Indian government initiates a labeling campaign. Major Integrated Steel Players and 65% of Steel products have adopted ‘Made in India’ labels, enhancing product attractiveness and ensuring quality standardization. The initiative includes Secondary Steel Industries and plans further expansion. The integration of ISPs-QCI portal API enhances label and QR code authentication.
  • Shanghai Nickel prices experienced the most significant gain in over two months after an industry report hinted at a change in how the top Nickel supplier Indonesia prices the metal. The Shanghai Futures Exchange’s December Nickel contract rose by 3.2%, closing at 129,330 yuan per metric ton. The London Metal Exchange’s three-month Nickel also rose by 3.6%, reaching $16,395 per ton. Indonesia’s plan to establish a new Nickel price index adds uncertainty to traditional pricing against the LME Nickel contract.

OFB’s Opinion

  • SS 304 (both HR and CR) is expected to have some positivity this week, but at low to medium price levels.
  • The SS 400 series might be having a dull run this week, but SS 200 series is having good demand, due to the shortage of imported material in the market.
  • Stocking of 316L in HR condition is still expected to be a good proposition, in generic sizes, but at low to medium price levels.
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