During the first quarter of 2023 in Asia, stagnant movement in downstream industries coupled with surplus inventories caused a downturn in stainless steel prices. Although there was a brief surge in the second quarter owing to increased nickel metal expenses, oversupply resulting from heightened nickel extraction rates and tepid industry demand led to a subsequent price drop. In Europe, stable stainless steel prices in Q1 were bolstered by constrained supply, robust demand from downstream sectors, and favorable costs of raw materials. However, a significant price slump occurred in Q2 due to escalating prices of nickel raw materials, diminished downstream demand, and competition from more affordable Asian imports. In North America, initial demand stemming from construction activities upheld stainless steel prices initially, but by the second quarter, economic crises, inflation, and worsening economic conditions contributed to a decline.
Request for Free Sample: https://www.procurementresource.com/resource-center/stainless-steel-price-trends/pricerequest
Definition
Stainless steel is an alloy of iron containing at least 10.5% chromium and is corrosion-resistant due to the formation of a passive oxide layer on its surface. Stainless steel also exhibits high strength, good ductility, and thermal conductivity. It comes in various grades with different properties, making it adaptable to specific applications. Stainless steel is widely used in industries due to its durability, hygiene, and aesthetic appeal, making it suitable for applications ranging from kitchen utensils and medical devices to construction and aerospace components.
Key Details About the Stainless Steel Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Stainless Steel in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Stainless Steel Price chart, including India Stainless Steel price, USA Stainless Steel price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Stainless Steel Price Trend:
The widespread utilization of stainless steel stems from its diverse range of properties across multiple industries. Within construction, it stands as a stalwart choice for structural elements, facades, and roofing owing to its robustness, resistance to corrosion, and visually appealing qualities. In the automotive sector, it serves in exhaust systems, trimmings, and crucial components where both resistance to corrosion and an elegant appearance are paramount. The food and beverage industry favors it for processing gear, storage tanks, and kitchen utensils, lauding its hygienic attributes. Its significance extends further into medical apparatus, chemical processing, aerospace, and marine applications, highlighting its versatility in addressing the needs of varied industrial domains.
Key Players:
- Acerinox S.A
- Aperam Stainless
- ArcelorMittal
- Jindal Stainless
- Nippon Steel Corporation
- ThyssenKrupp Stainless GmbH
News and related developments:
The stainless steel industry is grappling with challenges posed by cheap imports from China and Indonesia, compounded by a global economic slowdown. Despite delayed responses to demand for countervailing duties on imports, domestic stainless steel manufacturers, reliant on exports, are facing adverse effects. Abhyuday Jindal, MD of Jindal Stainless, anticipates continued growth in stainless steel demand this fiscal year. Despite concerns about India’s competitiveness due to production costs, the company remains competitive globally. However, Chinese imports remain a threat, with the potential for increased inflow unless safeguard measures are implemented. The industry is also adapting its product mix to counter import pressures while addressing shifting consumer segments.
About Us:
Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients with up-to-date and pioneering practices in the industry to understand procurement methods, supply chains, and industry trends so that they can build strategies to achieve maximum growth.
Contact Us:
Company Name: Procurement Resource
Contact Person: Christeen Johnson
Email: [email protected]
Toll-Free Number: USA & Canada – Phone no: +1 307 363 1045 | UK – Phone no: +44 7537 132103 | Asia-Pacific (APAC) – Phone no: +91 1203185500
Address: 30 North Gould Street, Sheridan, WY 82801, USA
About The Author
