Stainless Steel News Today

Iran's steel production reached 31 million tons in 2024, a modest growth of 0.8%. Despite an 8.2% decline in December due to energy shortages, Iran remained the world's 10th largest crude steel producer.

The Ministry of Steel plans to boost PLI investments in speciality steel and explore new export markets to combat European trade barriers. The focus is also on securing raw materials and supply chains for domestic steelmakers.

Structure prices increased marginally in the secondary markets, with demand improving across regions. Secondary markets like Mandi, Raipur and Durgapur saw smaller hikes. Supply issues remain unresolved for heavy sections in the primary market. Meanwhile, Visakhapatnam Steel Plant avoided merging with SAIL and is focusing on full production by August.

Stainless steel prices remain stable with slight variations across different series and materials. While the demand for 300 and 400 series shows gradual improvement, the 200 series experiences a surge due to a shortage of imported material. Globally, trade tensions, increased Chinese exports, and projected market growth for stainless steel products add to the market's dynamics.

India's stainless steel sink imports surged to 4M units in 2024, a 36% increase from 2023. China supplied 97% of imports, valued at $21M, showing a steady growth trend.

Europe's steel industry faces collapse as a third could vanish due to unfair competition from imports, high energy costs, and falling demand.

Stainless steel spot prices remained stable this week. Wuxi region's 304 cold-rolled coil prices were 13,000-13,300 yuan/mt, up 120 yuan/mt WoW.

India's crude steel output in December 2024 was 10.1 million tonnes, while the annual production for 2024 was 118 million tonnes.

Operating rate of Steel Mills using externally purchased billets was down 25.29 percentage points MoM and 5.71 percentage points YoY in January, at 0%.

Structure prices in the primary market this month have seen a minor increase of Rs 500/mt for SAIL, JSPL, and RINL. While secondary market prices remain stable, the primary market still faces supply shortages, despite improvements at SAIL's IISCO facility. Demand remains slow, with JSPL planning upgrades to its Raigarh mill to enhance steel production flexibility.