Stainless Steel News Today

Rising nickel costs drive stainless steel prices up globally. With Indonesia's dominance in nickel production and soaring prices on the LME, major producers like POSCO and Yusco are hiking prices, influenced by factors including raw material costs and currency exchange volatility.

Steel bundled scrap import offers increased by $2-3/ton to $431-435/ton CFR India. SS 304 scrap rate rose to Rs 124/kg. Demand for SS 200 series is expected to remain supported due to limited imports.

Nickel down at $18,870/ton. Stainless steel prices: 304 CR wider 2B at Rs.197-200/kg, SS 316L HR wider at Rs.317-320/kg. EU extends anti-subsidy measures. SS 304 & 316L expect strong demand; SS 400 series remains weak; SS 200 series may see steady demand.

Wuyang Iron and Steel orders world's most powerful continuous casting machine (CCM) from Primetals Technologies. The high-performance CCM, to be installed in Wuhan, will produce the world's thickest slabs, up to 460 mm.

Post Labor Day, China's stainless steel futures market saw a surge due to optimistic sentiment and raw material costs. Macroeconomic benefits and favorable consumption data boosted futures, resulting in fluctuating transactions and market optimism.

Japanese steelmaker JFE Holdings reported a net profit of JPY 200.97 billion for FY 2023-24, up from JPY 166.75 billion the previous year. However, net sales were down 1.8% and crude steel output fell to 24.8 million mt.

Jindal Stainless Limited (JSL) supplied special alloy steel sheets for the Indian Navy's SMART system, enhancing their anti-submarine warfare capabilities. Developed by subsidiary Jindal Defence and Aerospace, these sheets withstand high pressure and temperature.

EU extends antidumping and countervailing duties on stainless steel cold-rolled products from Indonesia to include Taiwan, Turkey, and Vietnam after allegations of measures circumvention, following an investigation requested on July 3, 2023.

EU steel firms trim exports by 2% y/y in Jan-Feb 2024, despite a 9% growth in rolled steel products. Following a similar export decrease in 2023, flat product shipments showed a 7% downfall.

April saw Vietnam's Hoa Phat Group's crude steel production marginally drop by 0.4%, while steel sales, including construction steel and high-quality steel, surged by 16%, led by a 24% rise in construction steel sales.