Happenings

Faced with a 15 per cent jump in nickel prices, stainless steel finished product manufacturers are considering raising prices in phases. In 2012, India’s nickel imports stood at 2.4 million tonnes (mt), before declining to about two mt in 2013-14.

As it is completely import-reliant, the Indian stainless steel sector revises product prices in proportion to the fluctuations in raw material prices. Depending upon the user segment, 0.5-four per cent nickel is used as an anti-corrosive agent in manufacturing stainless steel. While the utensils segment uses 0.5 per cent, high-tensile pipe manufacturers use four per cent nickel for use in oil, gas and milk transportation.

“Yes, the price rise for raw materials has a direct bearing on finished products. Since nickel prices have moved up, stainless steel manufacturers will certainly follow suit,” said Rohit Kumar, director, Indian Stainless Steel Development Association.