OfBusiness Stainless Steel Dailies

29th April’23

Price

• Nickel drastically increased, closing yesterday at $24,285/ton, while Copper closed at $8,595.50/ton (marginally up).
• The INR improved against the US dollar and closed at 81.75/-. Jindal Stainless Limited’s share closed at Rs. 283.00/- (up by 0.98%).
• Rimjhim’s retail price for 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.
• 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 SS 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). SAIL Salem 409M HR price is Rs. 118/kg (ex-Salem), plus GST.
• 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. SS 316L Scrap rate is Rs. 230/kg.

Demand and Supply

• Demand has cropped up in 1mm SS 304 CR, 3mm 304 CR, 3.5mm 304 HR, 3/5/6mm 316L HR, Special and 2B finishes 201 CR grade and 2mm/3mm 430 CR 2B coils. Apart from this, the usual demand is there for 316L in 2.8mm, 2.9mm, 3.0mm, 4.0mm and 5.0mm HR coils. SS 400 series is still having a lackluster run.

News

• Walsin Taiwan’s SS 300 series wire rod prices have gone up by NT 1,500/ton (close to Rs 4,250/ton), for May booking, while the SS 200 and SS 400 series prices remain unchanged.
• Interestingly, contrary to expectations, Yusco and Tang Eng didn’t change their prices upwards. Their prices remain unchanged, and they have adopted an approach of individual bargaining with the customers based on the merit and potential of the orders under consideration, whether it was meant for domestic or exports.
• China has increased its SS 316L prices for Cold rolled material 2B to recently to CNY 27,000/ton (RMB), driven by stabilized Ferro-molybdenum prices and other raw-material shortages. If it continues like this for a few more days, then it will positively affect the 316L international markets after one month of a dry run.

OFB’s Opinion

• SS 304 (both HR and CR) is expected to have some positivity this week, like the past few days.
• The SS 200 series and 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 at lower price margins. The increase of Chinese CR 316L prices might catapult Indian 316L HR and CR prices, and the demand is consistently there in this grade