For the Quarter Ending September 2025
North America
• In USA, the Monel Price Index rose by 1.7% quarter-over-quarter, supported by stronger mill shipments.
• The average Monel price for the quarter was approximately USD 40396.67/MT delivered FOB Miami basis.
• Monel Spot Price softened late in the quarter reflecting domestic inventories and subdued downstream fabrication activity.
• Monel Price Forecast indicates upside risk given tightening feedstock availability and improved export inquiry levels.
• Monel Production Cost Trend edged higher due to elevated nickel feedstock premiums and logistics surcharge.
• Monel Demand Outlook shows steady demand from marine and chemical processing sectors, supporting consumption volumes.
• Domestic inventory levels tightened slightly, boosting the Monel Price Index amid resilient export inquiries.
• Major producers operated near planned rates, limiting spot availability and underpinning regional Monel Spot Price.
Why did the price of Monel change in September 2025 in North America?
• Tightened nickel feedstock availability reduced sellable output, tightening supply and supporting higher domestic price levels.
• Marine freight surcharges and tighter inland logistics raised delivered costs, transmitting into domestic quoted levels.
• End user restocking ahead of seasonal activity improved order books, reducing available spot lots downstream.
APAC
• In Japan, the Monel Price Index rose by 2.43% quarter-over-quarter, driven by firmer alloy demand.
• The average Monel price for the quarter was approximately USD 45233.33/MT, reflecting moderate domestic demand.
• Monel Spot Price showed improvement as regional scrap and nickel feedstock tightened, supporting near-term stability.
• Monel Price Forecast indicates gradual upside risk amid constrained exports and resilient Japanese fabrication activity.
• Monel Production Cost Trend rose due to higher nickel input and energy costs, pressuring margins.
• Monel Demand Outlook remains constructive from aerospace and chemical processing sectors, underpinning support for prices.
• Monel Price Index volatility increased as inventory draws and shipping delays amplified short-term buying discipline.
• Major Japanese mill cuts and maintenance lowered availability, tightening spot markets and boosting price gains.
Why did the price of Monel change in September 2025 in APAC?
• Supply disruptions from maintenance reduced domestic availability, tightening markets and elevating short-term price pressure broadly.
• Higher nickel feedstock costs and energy inflation raised Monel Production Cost Trend, compressing margins and influencing offers.
• Logistics congestion and stronger export inquiries accelerated inventory draws, supporting Monel Spot Price during the monthly settlement.
Europe
• In Germany, the Monel Price Index rose by 1.78% quarter-over-quarter, supported by tighter mill shipments.
• The average Monel price for the quarter was approximately USD 37563.33/MT, reported across spot contracts.
• Monel Spot Price strength reflected constrained European feedstock availability and redirected exports towards paying markets.
• Monel Price Forecast remains cautiously positive near-term given steady demand recovery and limited supply additions.
• Monel Production Cost Trend increased as nickel feedstock premiums and higher energy costs pressured margins.
• Monel Demand Outlook strengthened for engineering alloy applications, supporting sustained spot and contract activity near-term.
• Monel Price Index movement reflected inventory draws at mills and stronger regional fabrication orders recently.
• Output constraints at key German alloy producers reduced exportable tonnage, tightening European availability and bids.
Why did the price of Monel change in September 2025 in Europe?
• Reduced domestic mill shipments and planned maintenance lowered supply, lifting regional premium and bid levels.
• Higher nickel feedstock premiums increased production costs, feeding through into Monel margins and price support.
• Stronger demand from fabrication and export channels absorbed spot availability, reducing inventories and firming bids.
MEA
• In United Arab Emirates, the Monel Price Index rose by 1.78% quarter-over-quarter, reflecting supply tightness.
• The average Monel price for the quarter was approximately USD 41815.33/MT, reported by regional mills.
• Monel Spot Price drifted higher as mill restarts tightened availability, supporting the regional Price Index.
• Regional analysts adjusted the Monel Price Forecast upward marginally due to constrained supply and steady demand.
• Rising nickel and copper feedstock contracts pushed the Monel Production Cost Trend higher, pressuring margins.
• Monel Demand Outlook remains firm from petrochemical and marine, supporting spot tightness amid inventory drawdowns.
• Export enquiries strengthened, lifting regional Price Index readings despite muted fabrication activity and logistic delays.
• Several producers operated at reduced rates for maintenance, reducing Monel Spot Price offerings to market.
Why did the price of Monel change in September 2025 in MEA?
• Supply constraints from maintenance and imports tightened regional availability, exerting upward pressure on Monel prices.
• Higher nickel and copper settlements increased production costs, contributing to rising Monel Production Cost Trend.
• Elevated export enquiries amid inventory drawdowns improved demand visibility, supporting the Monel Price Index recovery.
For the Quarter Ending March 2025
North America
• The Monel Price Index in the North American market increased slightly in the first quarter (Q1) of 2025, settling at USD 40,890/MT for Alloy 400 Sheet DEL Florida (USA).
• Why did the price of Monel change in April 2025?
In the early weeks of April, Monel Spot Prices increased modestly due to stable demand from construction sector and supply-side constraints from rising tariffs and raw material cost pressures.
• January began with price stability as the market absorbed volatility in the nickel and copper markets—key components influencing the Monel Production Cost Trend.
• February continued with steady pricing, supported by a rebound in construction and manufacturing activity, especially with a 0.7% MoM rise in construction spending.
• By March, prices rose 1%, reflecting strong Monel Demand Outlook despite rising import tariffs and elevated material costs.
• Increased trading volumes in the nickel sector and anticipation of gradual price increases fueled positive market sentiment.
• The Monel Price Forecast for Q2 suggests moderate growth, contingent on demand from infrastructure and aerospace sectors.
Europe
• The Monel Price Index in Europe ended Q1 2025 at USD 38,360/MT for Alloy 400 Ex Werdohl (Germany), showing a gradual upward trend despite regional challenges.
• Why did the price of Monel change in April 2025?
In early April 2025, prices increased slightly, driven by LME nickel market recovery, ongoing infrastructure investments, and external market strength.
• January saw a 3% rise, fueled by demand for Monel in specialized applications despite weak construction activity.
• February held stable amid high raw material prices, as speculation around U.S.–EU trade dynamics tempered upward pressure.
• March brought a 2.5% price increase, supported by optimism tied to a newly approved €500 billion infrastructure investment plan.
• Fluctuating Monel Production Cost Trends—due to copper and nickel pricing volatility—continue to impact producer margins.
• Despite ongoing economic uncertainties, the Monel Demand Outlook remains cautiously optimistic due to civil engineering support.
• The Monel Price Forecast hints at continued volatility, with a potential upside depending on industrial momentum and global trade developments.
Asia-Pacific (APAC)
• The Monel Price Index in APAC increased through Q1 2025, closing at USD 43,658/MT for Alloy 400 Sheet Ex Osaka (Japan).
• Why did the price of Monel change in April 2025?
Prices increased for Monel in the early weeks of April due to robust infrastructure demand, tight crude steel availability, and Indonesian export policy uncertainty affecting nickel supply.
• January saw a sharp 11% increase, attributed to demand in non-residential construction, logistics expansion, and urban redevelopment initiatives.
• Government-backed infrastructure policies provided consistent support for the Monel Demand Outlook.
• February held firm, with construction orders up 12.2% YoY, despite elevated Monel Production Cost Trends due to nickel market tightness.
• March recorded a 1% price uptick, reflecting stable demand despite ongoing project backlogs and high labor costs.
• The Monel Spot Price continued to be supported by reduced steel supply and robust sectoral demand.
• The Monel Price Forecast for Q2 anticipates further price strengthening unless supply-side constraints ease significantly.
Middle East & Africa (MEA)
• The Monel Price Index in MEA ended Q1 2025 at USD 41,834/MT for Alloy 400 Sheet Ex Dubai (UAE), with a modest upward trend throughout the quarter.
• Why did the price of Monel change in April 2025?
Early weeks of April 2025 saw stable to slightly increased prices due to regulatory restrictions on billets and steady construction activity in the non-oil economy.
• January registered a 2% increase, as Monel demand surged amid tight nickel supplies and increased production costs.
• February continued upward, driven by rising infrastructure orders, though labor and inventory growth remained limited.
• March saw prices stabilize as ECAS certification mandates impacted imports and material availability, supporting Monel pricing indirectly.
• Regional Monel Production Cost Trends remain elevated due to import dependencies and energy pricing structures.
• Infrastructure partnerships and urban projects supported a positive Monel Demand Outlook, though capacity challenges persist.
• The Monel Price Forecast indicates cautious optimism for Q2, subject to material availability and regulatory clarity.
For the Quarter Ending December 2024
North America
In Q4 2024, the Monel market in North America experienced a challenging landscape marked by price fluctuations and shifting demand dynamics. Prices decreased by 4% in October due to falling nickel prices, followed by a stabilization in November despite ongoing international demand struggles. By December, the price for Monel saw a further decline of 2%, primarily influenced by the costs of nickel and copper, which remained under pressure due to broader economic factors.
The market faced significant challenges, with the construction sector showing modest growth but still hampered by high interest rates and economic uncertainty. The U.S. manufacturing sector continued to contract, influencing demand for Monel, particularly in sectors reliant on construction and infrastructure. Concurrently, an overall oversupply in the market and fluctuating raw material costs exacerbated pricing pressures.
As the quarter concluded, the price for Alloy 400 Sheet DEL Florida stood at USD 40,090/MT. This reflects a downward trend throughout Q4, illustrating the complexities market participants are navigating. Ongoing issues such as reduced export orders, inflationary pressures, and cautious consumer behaviour underscore the need for strategic adjustments as producers seek to stabilize operations in a volatile environment while addressing the mixed signals from the demand side.
Europe
In Q4 2024, the Monel market in Europe faced volatility, characterized by fluctuating prices and uneven demand across key sectors. October saw a notable 6% price decline despite rising nickel and copper values, largely due to supply challenges and weakening demand from construction firms in the eurozone. However, November brought a 3% increase in prices as manufacturers engaged in restocking ahead of the holiday season, although business activity remained subdued. By December, Monel prices stabilized but did not see further increases, reflecting cautious market sentiment amid regulatory concerns. Key factors impacting the market included significant geopolitical uncertainty, reduced manufacturing output, and a bearish outlook on international demand. The German Manufacturing Index indicated ongoing contraction, while expectations for new business remained low. Despite these pressures, demand from sectors like construction was moderate, albeit hindered by labour shortages and economic uncertainties. The quarter-ending price for Alloy 400 Ex Werdohl in Germany was recorded at USD 36,330/MT. Over the course of Q4, Monel prices reflected a downward trend, stabilizing towards the end of the period.
APAC
In Q4 2024, the Monel market in the APAC region, particularly in Japan, exhibited mixed dynamics characterized by fluctuating prices and subdued demand. Pricing trends indicated a 3% decline in October, followed by a 4% decrease in November as oversupply and reduced consumer activity affected market conditions. However, by December, prices stabilized, reflecting cautious optimism amidst a complex backdrop of economic challenges. Key factors influencing the market included a significant surplus in nickel supply and geopolitical uncertainties impacting the steel industry. The Japanese manufacturing sector continued to experience contraction, with the Manufacturing Purchasing Managers' Index indicating ongoing difficulties, but a slight uptick in construction activity offered some hope. Increased activity in the service sector and a stronger inflow of new business transactions supported this gradual recovery. As the quarter concluded, the price for Alloy 400 Sheet Ex Osaka was recorded at USD 37,808/MT. Throughout Q4, Monel prices showed a downward trend, ultimately stabilizing as market participants navigated the evolving landscape marked by fluctuating raw material costs, inflationary pressures, and operational challenges. Moving forward, producers must remain adaptable to sustained supply and demand imbalances in the marketplace.
MEA
In Q4 2024, the Monel market in the MEA region, particularly in the United Arab Emirates, experienced stable pricing amid fluctuating demand and economic conditions. Monel prices decreased by 3% in October due to lower consumption and higher inventories, followed by stability in November and December. The decline in input cost inflation, coupled with competitive pressures, led to an environment where average prices fell for the first time in several months, although some companies still faced rising costs for materials and supplies. Key factors influencing this market included ongoing resilience in the UAE's non-oil private sector, supported by a rise in the Purchasing Managers' Index, which reflected improved business activity and increased new orders. Despite the overall economic expansion, concerns about waning demand momentum persisted, particularly in sectors influenced by intense competition. The quarter-ending price for Alloy 400 Sheet Ex Dubai was recorded at USD 40,402/MT. Over the entirety of Q4, Monel prices exhibited a trend of initial decrease followed by stabilization as market participants navigated challenges related to supply chain dynamics, competition, and the need for strategic pricing adjustments. As firms adapt, the outlook remains cautiously optimistic, requiring attentiveness to both domestic and international market conditions.
For the Quarter Ending September 2024
North America
The Monel market in North America during Q3 2024 experienced a significant decline in prices, with the USA witnessing the most substantial price changes. This downward trend can be attributed to various factors such as excess supply, weak demand from key industries like construction and manufacturing, and fluctuations in raw material prices, particularly nickel and copper.
The demand for Monel in the U.S. market is under pressure from various sectors experiencing a slowdown. With declines in manufacturing output and new orders, particularly in industries that heavily rely on Monel, there is a general sentiment of caution among buyers. The anticipated resurgence in demand is thwarted by ongoing political uncertainty and wavering consumer confidence.
The market faced challenges due to sluggish economic growth, reduced automotive sales, and uncertainties in global trade dynamics. Additionally, disruptions in the Red Sea and Panama Canal impacted export rates, further adding to pricing pressures. Throughout the quarter, prices showed a consistent decreasing sentiment, with a notable decline of 8% from the previous quarter and a decline of 5% between the first and second half of Q3. The quarter concluded with Monel prices at USD 42360/MT for Alloy 400 Sheet DEL Florida in the USA, reflecting the overall negative pricing environment in the region.
Asia-Pacific
In the third quarter of 2024, the APAC region witnessed a notable decline in Monel pricing, driven by several key factors. Fluctuations in raw material costs, particularly copper and nickel, played a significant role in influencing market prices. The market experienced challenges due to rising imports, excess supply, and weakened demand across various industries. Additionally, global economic uncertainties, sluggish industrial activities, and reduced export opportunities further contributed to the downward trend in Monel prices.
Within Japan, the market saw the most significant price changes, with a 7% decrease from the previous quarter. The quarter-ending price for Alloy 400 Sheet Ex Osaka in Japan stood at USD 40601/MT. The market exhibited a negative sentiment throughout the quarter, with a stable to bearish outlook. Overall trends indicated a seasonally slow recovery, impacted by lower demand from the automotive sector and disruptions in the economy. Despite some fluctuations, the pricing environment remained predominantly negative, reflecting the challenging market conditions for Monel in Q3 2024.
Europe
In Q3 2024, the Monel pricing landscape in Europe witnessed a significant downturn, with Germany experiencing the most pronounced price changes. The overall market was influenced by a multitude of factors contributing to the decreasing prices. The persistent decline in demand from key sectors such as aerospace, construction, and automotive industries played a pivotal role in driving prices downward.
Global economic uncertainties further exacerbated the situation, leading customers to postpone large purchases, thus impacting the demand-supply dynamics of Monel. Political uncertainty further exacerbates this fragile demand environment, making manufacturers cautious in their strategies. Although there is a slight improvement in business confidence linked to potential opportunities from upcoming elections, demand remains subdued. Manufacturers are focusing on stabilizing operations amid these challenges, adjusting inventory levels and purchasing activities to adapt to the changing market conditions.
Moreover, disruptions in the supply chain, highlighted by port congestion and reduced shipping capacities, added pressure on prices. In Germany specifically, the quarter saw a 10% decrease from the previous quarter, with a notable 3% decline in prices between the first and second half of the quarter. The quarter concluded with the price of Alloy 400 Ex Werdohl standing at USD 37902/MT, indicating a challenging pricing environment marked by consistent decreases.
MEA
In Q3 2024, the Monel pricing landscape in the MEA region experienced a notable decline, with the United Arab Emirates showcasing the most significant price changes. Several factors contributed to this downward trend. In general, the market was influenced by a combination of ample supply levels, subdued demand dynamics, and ongoing price fluctuations in raw materials such as nickel. These elements collectively exerted downward pressure on Monel prices, creating a challenging environment for market participants.
Specifically focusing on the United Arab Emirates, the Monel market witnessed a continuous decrease in prices throughout the quarter. The overall trend in pricing exhibited a negative sentiment, with prices experiencing a downward trajectory. Comparing Q3 2024 to the same quarter last year, prices recorded a substantial decrease, emphasizing the challenging conditions faced by the market. Furthermore, the quarter saw a notable decline of 7% from the previous quarter, highlighting the persistent downward pressure on prices. As the quarter ended, the latest price for Alloy 400 Sheet CFR Jebel Ali in the United Arab Emirates stood at USD 40628/MT, underscoring the prevailing downward trend in Monel pricing for the region.
