OfBusiness Stainless Steel Dailies

17th April’23

Price

• Nickel increased by 1.83%, closing last weekend at $24,132/ton, while Copper closed at $9,024/ton yesterday (down by 0.39%).
• Rimjhim’s retail price for SS 304 CR 2B is Rs 210/kg, as compared to Jindal’s Rs 220/kg. Jindal’s 304 HR N1 is at Rs 212/kg basic, while 316L HR N1 is at Rs 363/kg, and 316L CR 2B is at Rs 375/kg.
• SS 201 J2 imported CR is being retailed at Rs 127/kg, No.4 PVC finish at Rs 130/kg, and No.8 mirror finish at Rs 140/kg, FOR Delhi (plus GST).
• Rimjhim’s 201/202/RT grade is being offered at Rs 124/kg, FOR Delhi basis. Rimjhim RT N1 2B is Rs 113/kg basic, FOR Delhi, while RT N1 NBT grade is Rs 115/kg basic (FOR basis).
• INR remained marginally lower against US$ and closed at 81.85/-. Jindal Stainless Limited’s share closed at Rs 265.05/- (stable).
• 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.

Demand and Supply

• Demand is present in SS 316L HR generic sizes and also in SS 304 CR and HR (generic sizes, in both conditions). There is some demand in railway grade 409M in 2.5/3.0/4.0/5.0/6.0mm in HR condition and SS 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.
• There is slight demand in SS 201 2B, but N4 PVC finish certainly has great demand, as usual. SS 400 series doesn’t have much demand, as usual.

News

• The new pollution rules in the US might boost EV sales, which require a minimum of 67% of passenger cars and 25% of trucks/lorries/heavy vehicles to be electric by 2032. New tighter pollution norms are being set.
• Brazil has exported Ferrous Scrap to the tune of 1,70,000 tons in the first 3 months of the calendar year, an increase of 40% as compared to last year, during the same time, which is a great indicator in the Steel industry.
• The European Union has increased its anti-dumping tenure on Stainless Steel fittings originating in China and Taiwan by another 5 years, which was already existent before, ranging from 5% to 12% for Taiwan and 31% to 65% for China. The removal would have led to the dumping of products worth 100 million euros per year in Europe (from these 2 countries). It has also been created for Malaysia newly, and the amount of dumping duties is 65%.

OFB’s Opinion

• SS 304 is expected to have a progressive outlook this week. SS 200 series booking for imported material is also expected to rise this week, but SS 400 series might have a dull run in the remaining days of this month.
• Stocking of 316L in HR condition is still expected to be a good proposition in generic sizes, but rate expectations might be lower.