Global Stainless-Steel Flat Prices Remain Stable in November 2023 Amid Surplus Nickel Supply

Throughout November, the price of Stainless-Steel Flat remained on a declining trend in the international market due to the ample supply of upstream, such as Nickel, in the global market. The demand from the downstream construction and infrastructure sector remains on a lower edge as the arrival of winter causes hindrances in manufacturing activity across the globe. Meanwhile, in the last 10 days of November, the price of the Stainless-Steel Flat rebounded. This factor was backed by the Chinese government's latest deals and policies to support the significant growth rate of the domestic housing sector. According to the major market players, the price of Stainless-Steel Flat is anticipated to stay at a firm growth rate throughout December 2023, as the demand from the downstream sector will show a firm growth rate. Additionally, the slow rising trend for the raw materials price, such as Iron ore and Nickel, will keep the Stainless-Steel Flat on a slightly increasing market trend in the global spot market.

Right through the start of the second half of 2023, the supply of feedstock of Stainless-Steel Flat, such as Nickel, remained on a rising trend as the major global producers increased their extraction rate in their domestic mines. The global Nickel supply observed a more than 65% hike from the past year's output. This has played a major role in backing the damping price trend for Stainless-Steel Flats across the globe. Furthermore, the Canada-based Alaska Energy Metals has now fully acquired the Angliers-Belleterre nickel-copper project in Quebec at an expense of USD 2.06 million. This increased the race between exploration companies for the hunting of critical minerals deemed vital for the transition to green energy and hampered the growth of Stainless-Steel Flat prices.

Additionally, Russia's Nornickel has been offered to pay USD 18 million to pass its 50% stake in the Nkomati nickel mine in South Africa to its business partner, African Rainbow Minerals, as an attempt for Nornickel to exit Africa. Meanwhile, Nickel prices are expected to be uplifted amidst the annual re-balancing of commodity indexes in January, giving hope to the global Stainless-Steel Flat market. Meanwhile, the demand from the downstream construction industries shows a fall in the global market as the arrival of winter hampers manufacturing activity across the globe. The consumption of Stainless-Steel Flats from the US construction sector seeks a declining rate of about 4% in October. In contrast to that, the Chinese housing sector gained hopes from the latest Chinese stimulus bets and deals placed by the local government at the end of November.

According to ChemAnalyst, the price of Stainless-Steel Flat is expected to remain on a declining trend in the global market. The declining trend might be reduced if the firm's rise in energy costs and upliftment in raw material prices support the Stainless-Steel Flat market trend.