Stainless Steel News Today

Steel bundled scrap import offers dip by $1-2/ton to $430-433/ton CFR India. SS 304 scrap at Rs 124/kg, 201 J5/J8 mixed scrap at Rs 71/kg. SS 200 series scrap is in high demand and advised to stock.

Nickel opened down by 0.18% at $19,025/ton. Prices for stainless steel vary: 304 CR wider 2B at Rs.197-200/kg, narrow Rs.3-5/kg cheaper; SS 316L HR wider at Rs.317-320/kg. Demand matches supply in 304 & 316L, less so for ferritic grades.

India's domestic steel demand is predicted to grow 10% over the next few years, fuelled by the government's infrastructure focus, reveals Steel Secretary Nagendra Nath Sinha.

Nippon Steel aims to finalize US Steel acquisition in Q3/Q4 2023-24, thereby meeting high-grade steel demands in the US. This follows the European Commission's recent approval for the acquisition, aiming at mutual technical advancement.

Accelerated GDP growth in India will drive steel demand to exceed China's over the next 12-18 months, predicts Moody's. India's steel demand growth is forecasted at 5-7%, backed by a 6.6% GDP expansion in 2024-25.

India is advancing green steel project funding, favoring hydrogen over traditional coal methods, as a potential game changer. Discussions include potential lower interest rates for these capital-intensive ventures and tweaking existing bank financing rates.

Despite a monthly dip in China’s finished steel exports in April, the January-April period saw a 27% YoY increase. Meanwhile, April’s steel imports rose by 6.6% compared to March.

The European Commission extends anti-dumping and anti-subsidy measures to stainless steel imports from Taiwan, Turkey, and Vietnam, evading safeguards on Indonesian steel. This follows investigations revealing transhipment practices.

JSW Steel plans to raise long-term funds in its upcoming board meeting on May 17, with options like a qualified institutional placement being considered. This, alongside discussions on dividends as well as Bhushan Power's capacity expansion.

Indian silico manganese prices are poised to remain supported due to soaring raw material costs, particularly manganese ore. The industry anticipates sustained demand driven by buoyant steel prices. Market participants brace for continued support on silico prices amidst global ore price hikes and supply constraints.