OfBusiness Stainless Steel Dailies

8th May’23

Price

• Nickel opened approximately $200/ton higher today compared to last weekend, at $24,817/ton, while Copper opened $100/ton lower at $8,580/ton.
• The INR remained stable against the US$, closing yesterday at 81.74/-. Jindal Stainless Limited’s share closed yesterday at Rs 291.00/- (down by 0.43%).
• Rimjhim’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.
• 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).
• SAIL Salem 409M HR price is Rs. 118/kg (ex-plant), plus GST.

Demand and Supply

• Demand exists for 1mm/1.2mm/1.5mm/3.0mm 304 CR, 4/5/6mm 304 HR, 2.8/3/5/6mm 316L HR, Special and 2B finishes 201 CR grade and 2mm/3mm 430 CR 2B coils. Apart from this, the usual 316L demand exists in 2.8mm, 2.9mm, 3.0mm, 4.0mm and 5.0mm HR coils. The SS 400 series is still in status quo mode, and not much improvement is being observed here except for 409M/CK-201/IRSM44-97.

News

• China’s Crude Stainless Steel production totaled around 8.27 million tons in the first quarter of this year, growing by 4.11% compared to the same period last year. During the period, the output of SS 300 series austenitic Stainless Steel accounted for the largest proportion, totaling around 4.17 million tons, a year-on-year hike of 3.4%.
• Mining company African Chrome Fields has revealed that it will commence operations of its aluminothermic smelting plant in Zimbabwe in less than 60 days, with an investment of about $40 million. The pioneering facility is furnished with exclusive, cutting-edge technology that does not require power to convert chrome ore to ferrochrome, a key ingredient needed in the manufacturing of Stainless Steel.
• BHP Group has recently acquired Australian Copper producer OZ Minerals for A$9.6 billion. BHP indicated that the acquisition strengthened the company’s sectors in Copper and Nickel, both key components in electric car vehicles, wind turbines, solar energy, and Stainless Steel manufacturing.

OFB’s Opinion

• SS 304 is expected to have a progressive outlook this week. SS 200 series booking for imported and Jindal material is also expected to rise next week, but the 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 expectation might be lower.
• Some demand is there in 0.5mm, 0.7mm and 1.2mm 304 CR 2B. Projects are also opening up, so some more HR 304 and 316L orders are in the pipeline.