For the Quarter Ending December 2024
North America
The North American Hastelloy market experienced a declining pricing environment during Q4 2024, with prices reflecting a 9% decrease compared to the previous quarter. The quarter closed with Hastelloy C-276 DEL Florida in the USA priced at USD 58,440/MT, highlighting the bearish trend that persisted throughout the period.
Several factors contributed to this downward trend, including imbalanced supply and demand dynamics and consistent operational activities across key industry players. Market conditions remained bearish overall, with no significant seasonal pressures influencing pricing. However, in the USA, notable price fluctuations were observed, with localized factors exerting a greater impact on the market compared to other regions. Despite these fluctuations, the broader trend of declining prices mirrored the sentiment of the global Hastelloy market, underscoring its interconnected nature.
This decline was further emphasized by the quarter-on-quarter percentage decrease, which highlighted evolving market conditions and changing industry trends. The bearish pricing environment in Q4 2024 reflects the challenges faced by the North American Hastelloy market, including shifts in supply-demand fluctuation and a lack of significant demand drivers.
Europe
The European Hastelloy market experienced a bearish pricing environment in Q4 2024, driven by multiple adverse factors impacting market dynamics. The quarter concluded with Hastelloy C-276 Ex Werdohl in Germany priced at USD 53,110/MT, reflecting a 2% decline quarter-on-quarter, further underscoring the negative market sentiment. Global economic uncertainties significantly weighed on market outlook, with weak demand from key industrial sectors amplifying the sluggish trend. Efforts by producers to recalibrate supply levels were hampered by an oversupplied market, where supply consistently outpaced demand, leading to imbalanced fundamentals. Germany, as a key regional market, witnessed the most substantial price adjustments during this period. Additionally, broader operational challenges within the German economy added complexity to the market environment, further tempering demand for steel products. Amid ongoing supply-demand imbalances, European market participants remained cautious, closely monitoring macroeconomic developments and their impact on industrial and manufacturing activities. The bearish sentiment is likely to persist unless significant improvements emerge in economic conditions and demand fundamentals within critical sectors such as construction, automotive, and manufacturing.
APAC
In Q4 2024, the APAC Hastelloy market faced a challenging pricing environment, characterized by a 10% decrease in prices quarter-on-quarter, reflecting a bearish sentiment across the region. The quarter ended with Hastelloy C-276 Ex Osaka in Japan priced at USD 54120/MT, highlighting the sustained downward trend. Several factors contributed to this decline. On the supply side, robust production levels, regulatory changes adding operational complexities, and heightened export competition exerted significant pressure on pricing. At the same time, weak demand from key downstream sectors such as construction, automotive, and real estate further exacerbated the imbalance. Sluggish activity in these industries, particularly in the real estate sector, caused a notable decline in Hastelloy consumption across the region. Japan, a major player in the APAC market, experienced the most pronounced price adjustments, driven by declining business confidence among manufacturers and reduced industrial activity. These regional trends were compounded by global economic uncertainties, which weighed heavily on sentiment and demand. Moreover, seasonality and traditional off-season trends, the consistent decline in Hastelloy pricing across the APAC region underscored the correlation between local and global market pressures. Without significant improvements in demand dynamics or substantial adjustments in output, the bearish outlook for Hastelloy is expected to persist in the short term.
For the Quarter Ending September 2024
North America
In Q3 2024, the North America region witnessed a relatively stable pricing environment for Hastelloy. The market remained steady, with prices maintaining a consistent trajectory throughout the quarter. Various factors contributed to this stability, including balanced supply and demand dynamics, resilient market conditions, and consistent operational activities among key industry players. Moreover, seasonal trends did not exert significant pressure on prices, further reinforcing the overall stability in the market.
However, in the USA, notable price changes were observed, with fluctuations impacting the market to a greater extent compared to other regions. Despite these changes, the overall trend remained stable, reflecting the broader market sentiment. Additionally, the correlation in price changes between regions highlighted the interconnected nature of the global Hastelloy market, where developments in one area could impact pricing dynamics in another.
Regarding the percentage change from the same quarter last year, the market saw a notable shift, indicating evolving market conditions and industry trends. The recorded percentage change from the previous quarter in 2024 further emphasized the stable pricing environment, with minimal fluctuations observed.
As the quarter concluded, the latest price for Hastelloy C-276 DEL Florida in the USA stood at USD 68192 /MT, underscoring the consistent and stable pricing landscape that characterized Q3 2024. The quarter ended on a positive note, with market players navigating challenges and opportunities with strategic resilience.
Europe
In Q3 2024, the Europe Region's Hastelloy pricing remained stable, reflecting a balanced market influenced by various factors. The region experienced consistent pricing due to a harmonious interplay of supply and demand dynamics. Factors such as stable raw material costs, steady economic conditions, and balanced global trade contributed to the overall stable pricing environment. Despite challenges in certain sectors, the market-maintained equilibrium.
Germany witnessed notable price changes, with a decrease from the previous quarter in 2024. This fluctuation can be attributed to specific market conditions within the country, such as shifts in supply and demand patterns. However, when comparing the first and second half of the quarter, prices remained consistent, indicating a level pricing trend. Moreover, suppliers are struggling to manage inventory levels amidst uncertainty, with a need for significant adjustments to navigate the current economic downturn.
The latest quarter-ending price for Hastelloy C-276 , Ex Werdoh in Germany stood at USD 53300/MT, reflecting the stable pricing sentiment prevalent in the region during Q3 2024.
APAC
In Q3 2024, the APAC region witnessed a challenging period for Hastelloy pricing as market conditions favored a decreasing trend. Several significant factors influenced market prices, including excess supply, weak demand from key sectors such as construction and automotive, and global economic uncertainties. The supply side was impacted by robust production levels, regulatory changes adding operational complexities, and increased competition in the export market. On the demand side, sluggish activity in the downstream industries, particularly the real estate sector, led to a notable decline in consumption. Additionally, the demand for Hastelloy in Japan is facing challenges, especially due to declining business confidence among manufacturers. Japan experienced the most significant price changes, with a 3% decrease from the previous quarter. The quarter-ending price for Hastelloy C-276 Ex Osaka in Japan stood at USD 84326/MT, reflecting the overall negative pricing environment. Despite seasonality and traditional off-season trends, the correlation in price changes across the region indicated a consistent decrease in market sentiment.
MEA
In Q3 2024, the Hastelloy pricing landscape in the MEA region witnessed a significant decline, with the United Arab Emirates experiencing the most notable price changes. Various factors contributed to this downturn, including subdued demand in key sectors like construction and automotive, cost pressures from the Asian market, and global market dynamics. Additionally, the ongoing challenges in the freight market due to geopolitical tensions and disruptions in trade routes added to the pricing pressures. The quarter recorded a substantial 6.6% decrease from the previous quarter, reflecting the challenging market conditions. Furthermore, the ongoing Red Sea crisis has created disruptions, adding further strain on demand for Hastelloy. Within the UAE, the pricing environment remained negative, with a 2.5% decrease in prices between the first and second half of the quarter. Despite efforts to stimulate demand and address supply chain issues, the market continued to face headwinds. The quarter concluded with the price of Hastelloy C-276 Ex Dubai in the United Arab Emirates standing at USD 44502/MT, underscoring the prevailing downward trend in pricing.
For the Quarter Ending June 2024
North America
In Q2 2024, the Hastelloy market in North America has experienced a substantial upward pricing trajectory, driven primarily by tight supply conditions and robust demand across various industry sectors. Key factors contributing to the price surge include a global shortage of raw materials, particularly iron ore, coupled with escalating costs of stainless and alloy steel scrap. The supply constraints were further exacerbated by logistical challenges and elevated freight costs, creating a bottleneck in inventory replenishment.
In the USA, the largest price changes were observed, with the Hastelloy market reflecting significant volatility due to increased input costs and heightened purchasing appetite. Seasonality played a critical role, with demand surging in the construction and automotive sectors, leading to an overall bullish market sentiment. The market also saw a notable impact from regulatory approvals for major mergers, such as the one between U.S. Steel Corporation and Nippon Steel Corporation, which bolstered confidence in future cooperation and industry stability.
Compared to the previous quarter of 2024, prices climbed by 5%, underscoring a persistent upward trend. Supply disruptions, including production issues at major mills like Acerinox and Outokumpu, further intensified the price pressures. Concluding the quarter, the price of Hastelloy B-3 DEL Florida in the USA stood at USD 103,350/MT, reflecting a positive pricing environment driven by a confluence of supply shortages, high demand, and strategic industry developments. This quarter has undeniably been characterized by a bullish outlook, heavily influenced by market dynamics and external economic factors.
Europe
The second quarter of 2024 has proven challenging for the European Hastelloy market, with a pronounced downward trajectory in prices. This declining trend stemmed from a significant gap between supply and demand, exacerbated by high availability due to geopolitical factors such as trading bans and increased metal imports. The market was further affected by economic deceleration and sluggishness in key industries like construction and automotive, which traditionally drive demand for Hastelloy. Contributing to the bearish market sentiment, a combination of declining freight charges, increased scrap availability, and reduced recycled metal values pressured prices downward.
Focusing on Germany, which witnessed the most significant price adjustments, the overall trend revealed heightened seasonality and a strong correlation between diminishing industrial activity and Hastelloy prices. The country's construction sector experienced a marked downturn, with order cancellations and reduced project commencements, negatively impacting demand. Concurrently, the automotive industry saw a sharp decline in new registrations, amplifying the downward pricing pressure. Compared to the previous quarter, prices fell by 3%, underscoring a steady negative trend.
Concluding the quarter, the price of Hastelloy B-2 Ex Werdohl in Germany stood at USD 94940/MT, reflecting a predominantly negative pricing environment throughout the period. This quarter saw no significant disruptions or plant shutdowns, further emphasizing the impact of market dynamics and economic factors on Hastelloy pricing.
APAC
In Q2 2024, Hastelloy pricing in the APAC region maintained a relatively stable trend. Market prices were influenced by a delicate balance between several factors. On the supply side, production constraints due to reduced working days and disruptions in key producing regions created an environment of controlled availability. Significant factors included the impact of extreme weather events, geopolitical tensions, and logistical challenges, which collectively tightened the market. Demand dynamics remained robust, driven by the manufacturing and automotive sectors, which experienced accelerated production growth and increased new orders. This demand strength was underpinned by rising inquiries and transactions in the downstream segment, notably for high-chromium and nickel components.
In Japan, Hastelloy prices saw the most significant changes within the region. Despite supply-side constraints, including reduced production days and logistical hurdles, demand persisted strongly due to Japan's thriving automotive and manufacturing sectors. The overall trend indicated a stable yet cautious market sentiment. Seasonal factors contributed to price stability, as the market adjusted to predictable fluctuations in demand.
The correlation in price changes reflected a balance between constrained supply and consistent demand, fostering a stable pricing environment. The percentage change from the previous quarter in 2024 was recorded at 3%, with no notable difference between the first and second half of the quarter. The latest quarter-ending price for Hastelloy B-2 Ex Osaka in Japan stood at USD 87970/MT, underscoring a stable pricing environment amidst a positive market sentiment. The absence of major plant shutdowns during the quarter further contributed to this stability.
MEA
During Q2 2024, the Hastelloy market in the MEA region experienced a notable downward trend. This quarter brought significant price reductions, largely driven by a confluence of supply-side constraints and fluctuating market dynamics. The quarter saw major disruptions, including operational issues in mines across Brazil and New Caledonia, compounding the already existing nickel shortages in Asia. Geopolitical tensions further exacerbated the situation, particularly due to ongoing sanctions impacting the flow of raw materials, including nickel, aluminium, and copper, from Russia. The Eid holiday period also contributed to reduced market activity, adding to the supply chain complexity. Shipping costs escalated due to prolonged transit times from the Red Sea crisis, further straining the market.
Focusing on the United Arab Emirates, which witnessed the most significant price changes, the Hastelloy market reflected a substantial decrease in prices. Seasonal factors, coupled with heightened input costs from rising fuel prices, contributed to a challenging pricing environment. Despite a surge in demand from the infrastructure and automotive sectors, inventory backlogs and supply chain disruptions tempered this uptick.
Compared to the previous quarter, prices in the UAE market dropped by 10%. Conclusively, the quarter-ending price for Hastelloy B-2 landed at USD 64,631/MT CFR Mina Jebel Ali in the UAE, reflecting a negative pricing sentiment throughout the quarter. The overarching trend indicates a market fraught with difficulties, with a predominantly negative pricing environment influenced by both global and local factors.
For the Quarter Ending March 2024
North America
In Q1 2024, the pricing environment for Hastelloy in the North America region was challenging, with market prices experiencing significant fluctuations. Several factors influenced the market prices during this quarter. One of the main factors was the oversupply of feedstock Nickel, which led to a decline in Hastelloy prices. The increased supply of Nickel was driven by global mining expansions, including the Minnesota Copper-Nickel Mining project, which saw increased activity. Additionally, cheaper imports from Chinese manufacturers prompted US Hastelloy industries to adjust their prices to remain competitive in international markets.
The demand for Hastelloy in the region was moderate, with a decline in downstream industries such as construction and automotive. The winter holidays and severe weather conditions further dampened demand during this period. Uncertainty surrounding government policies, interest rates, and the reduce sales of the electric vehicle sector also contributed to a decrease in demand.
In the USA specifically, the pricing environment for Hastelloy saw significant changes. The USA market demonstrated more resilience compared to Europe, but weak demand from international markets and cautious buyers impacted prices. Overall, the pricing environment for Hastelloy in Q1 2024 can be characterized as bearish, with high supply levels and low demand. The market experienced fluctuations due to factors such as oversupply of feedstock Nickel, cheaper imports, and uncertainties in the downstream industries. The latest quarter-ending price for Hastelloy B-3 DEL Florida in the USA was USD 98169/MT.
APAC
In Q1 2024, the pricing of Hastelloy in the APAC region experienced a mix of trends and influences. Overall, the market was stable, with some slight fluctuations in prices. However, Japan stood out with the maximum price changes. Several factors influenced the market prices of Hastelloy during this quarter. The global supply of Hastelloy remained sufficient, but there were concerns about oversupply and excess inventory levels. This was largely due to steady production despite lower demand, both domestically and internationally. Trade disruptions, such as attacks in the Red Sea route, further impacted the market, leading to uncertainties and cautious behaviour among buyers. In Japan specifically, the pricing environment for Hastelloy was volatile. The country experienced significant price changes, with prices fluctuating throughout the quarter. Various factors, such as reduced demand in downstream industries like automotive and manufacturing, played a role in the price decline. The suspension of production by Daihatsu, a Toyota subsidiary, also contributed to the downturn. Looking at the overall trends, there were no clear seasonality patterns observed in the pricing of Hastelloy during this quarter. By the end of the quarter, the latest price for Hastelloy B-2 Ex Osaka in Japan was recorded at USD 86678/MT. This marked the closing price for the quarter and reflected the overall pricing environment for Hastelloy in Japan. In conclusion, the pricing environment for Hastelloy in the APAC region during Q1 2024 was generally stable, with some fluctuations observed in Japan. Factors such as reduced demand, trade disruptions, and production suspensions influenced the market prices. Overall, the market faced challenges, but stability was maintained throughout the quarter.
Europe
In Q1 2024, the European Hastelloy market saw nuanced price fluctuations primarily driven by a complex interplay of supply chain disruptions and variable demand. January began with a notable rise in prices due to increased freight charges and escalated production costs, influenced by disruptions in nickel supply and Suez Canal trade routes. February experienced a slight increase, attributed to ongoing supply constraints spurred by industrial disputes and operational issues at key manufacturing sites such as Acerinox in Spain and Outokumpu in Finland. These challenges tightened inventory levels and extended lead times across Europe. The rising demand from infrastructure and construction projects further stressed the available stock, pushing prices upward. As March arrived, the trends from the earlier months persisted, with supply still struggling to meet the robust demand driven by recovering sectors like automotive and new energy projects. Throughout the quarter, the market wrestled with the challenge of ramping up production capacities against a backdrop of strained supply chains and escalating raw material costs, particularly nickel, essential for Hastelloy manufacturing. This period was marked by cautious optimism mixed with tangible challenges as stakeholders navigated through shortages and demand surges in a volatile market landscape. The quarter ended with stakeholders emphasizing the need for strategic actions to stabilize the market, including addressing supply chain disruptions and enhancing production capacities to cope with the rising demand and ensure the resilience of the European Hastelloy market.
MEA
The first quarter of 2024 has been challenging for the Hastelloy market in the MEA region. Overall, the market experienced a negative trend, with prices declining compared to the same quarter last year. Several factors influenced market prices during this period. In the United Arab Emirates (UAE), which saw the most significant price changes, Hastelloy prices experienced a decline. This decrease can be attributed to various factors, including global economic uncertainty and disruptions in the Red Sea route. Saipem's projection of decreased orders from Saudi Aramco also impacted demand for Hastelloy in the UAE spot market. Additionally, the construction sector in the UAE witnessed a downturn, leading to lower demand for Hastelloy and other stainless-steel products. However, there were positive developments in terms of capacity expansion and sustainability efforts by major players like Arabian Gulf Hastelloy Industries (AGSI) and Emirates Hastelloy Arkan. The pricing trend for Hastelloy in the UAE followed a bearish pattern, with supply levels remaining high and demand levels low. This trend was consistent with the overall market sentiment in the MEA region. Looking at the price changes within the quarter, there was a slight decrease in prices from the previous quarter. However, it is important to note that the market experienced a seasonal slowdown in the latter part of the quarter, resulting in limited trading volumes. In conclusion, the pricing environment for Hastelloy in the MEA region, particularly in the UAE, has been negative and unstable during the first quarter of 2024. Factors such as economic uncertainty, disruptions in trade routes, and a downturn in the construction sector have contributed to the decline in prices.
