Stainless Steel News Today

Indian silico manganese prices surged due to rising manganese ore prices and active demand. With a 2-year high, the recent spike reflects the market's concern over ore shortage. MOIL's manganese ore prices surged 25-40%, driven by reduced import shipments, prompting producers to raise prices.

Steel scrap import prices stable at $429-432/ton CFR India. SS 304 scrap trades at Rs 124/kg, while 201 J5/J8 mix is at Rs 71/kg. China's new action plan aims for technological upgrades, potentially impacting scrap market. US stainless scrap prices steady.

Nickel prices opened marginally higher. Indian stainless steel prices vary, with 304 CR wider 2B at Rs.197-200/kg. Supply meets demand for 304 & 316L, but ferritic grades lack interest. Outokumpu struggles to raise prices in US. ECB may cut interest rates, impacting Eurozone consumption.

Bearish outlook for Turkish steel and scrap markets in 2024 voiced at the 90th International Rebar Producers and Exporters Association conference in Berlin. Market sentiment influenced by finished steel predictions.

Germany's steel imports from third countries rose 1% YOY to 155K tons in Jan-Feb 2024, led by a 42.1% surge in flat products, despite a 9.1% drop in long products, comprising over 72.5% of total steel imports.

Steel production in Belgium has dropped by 5.7% in March 2024 compared to March 2023, also the Q1 production reduced by 3.3% y/y. This follows an overall 1.4% decrease in EU nations for the same period.

Poland's rolled steel imports from third countries jumped 69.6% in Jan-Feb 2024 to 378.71 thousand tons, led by a 95.9% surge in flat products and a 24.1% increase in long products, according to Eurostat data.

Jindal Stainless Ltd unveils a Rs 5,400 crore strategic investment plan, including expanding capacity to 4.2 MTPA. The strategy is a part of the company's goal to achieve global leadership in stainless steel production.

Swiss Steel subsidiary Ugitech partners with Lhyfe to build a green production unit in France, transitioning to green hydrogen from fossil fuels for the first time in Europe's stainless steel sector, decarbonizing operations.

In April 2024, the Indian pig iron market surged to a 10-month high, propelled by rising steel prices triggered by geopolitical tensions and strengthening substitute prices. Active participation in auctions led to higher spot prices, with industry sources anticipating volatility in May.