For the Quarter Ending September 2024
North America
In Q3 2024, the North America region witnessed a notable increase in Stainless Steel (Flat) prices, with the USA market experiencing the most significant fluctuations. Several key factors influenced this pricing surge. Firstly, strong market fundamentals and robust trading activities contributed to the upward trend. Additionally, heightened demand from various sectors, such as construction and automotive, played a pivotal role in driving higher prices. The stable supply chain and limited disruptions further supported the price surge, ensuring a consistent flow of materials to meet the escalating demand.
In the USA specifically, the pricing environment exhibited a positive trajectory throughout the quarter. Seasonality and correlation in price changes indicated a steady upward momentum, with a 5% price increase observed between the first and second half of the quarter. Despite facing challenges such as increased imports and geopolitical issues affecting overseas demand, the USA Stainless Steel (Flat) market remained resilient.
The quarter culminated in a price of USD 3922/MT for SS 304 HR Plate (6 x 1250 x 2000) DEL Texas, underscoring the overall positive pricing trend in the region.
APAC
The third quarter of 2024 for Stainless Steel (Flat) in the APAC region has been characterized by a significant decrease in prices, influenced by various factors. The market experienced a challenging environment with oversupply issues, weak demand, and economic uncertainties playing a pivotal role in driving prices downward. Factors such as disruptions from natural calamities, production expansions, and subdued market sentiment have collectively contributed to the negative pricing trend.
In China, which witnessed the most substantial price changes, the market faced challenges such as supply chain disruptions, reduced demand from key sectors like construction and automotive, and a general economic slowdown. The overall trend in Stainless Steel (Flat) pricing in the region has been negative, with a noticeable correlation between market conditions and price movements. The quarter recorded a decrease of 3.6% from the previous quarter, with a 2.5% decline noted between the first and second half of the quarters.
The quarter-ending price stood at USD 1653/MT of SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai, reflecting the prevailing decreasing sentiment in the market.
Europe
In Q3 2024, the Stainless Steel (Flat) market in Europe experienced a period of declining prices, influenced by a combination of factors. Global supply chain disruptions, subdued demand in key industries like construction and automotive, and regulatory changes from the European Union all played a significant role in driving prices downwards.
These challenges were particularly pronounced in Germany, where the market saw the most significant price changes. The overall trend in the region indicated a negative sentiment, with prices experiencing a consistent decrease throughout the quarter. Seasonality and correlation in price changes were evident, comparing the first and second half of the quarter, prices showed a decline of 1%. Despite the efforts to navigate these challenges, the quarter ended with Stainless Steel (Flat) prices at USD 3613/MT for SS 304 HR Plate (8 x 1350 x 2000) Ex Ruhr in Germany.
The quarter was characterized by a bearish market sentiment, with a pricing environment reflecting a challenging and uncertain landscape.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Stainless Steel (Flat) market has experienced a context of stable prices. The stability can be attributed to a confluence of factors, including balanced supply-demand dynamics and steady manufacturing activities. The quarter's performance has been shaped by moderate raw steel production levels and sustained demand in key sectors such as automotive and construction. Notably, the market did not witness any significant plant shutdowns or disruptions, contributing to the absence of supply shocks that could have triggered price volatility.
Focusing on the USA, which has seen the most pronounced price movements within this region, the stainless steel market exhibited a stable pricing environment throughout the quarter. Seasonal trends maintained equilibrium, with demand from the automotive and construction sectors providing a consistent underpinning for prices. The correlation in price changes mirrored broader economic indicators without drastic fluctuations, aligning with the overall sentiment of stability.
Compared to the same quarter last year, prices demonstrated resilience against potential downward pressures, showing a 9% increase from the previous quarter of 2024, indicating a period of consolidation rather than sharp movement. The quarter concluded with the price of SS 304 HR Plate (6 x 1250 x 2000) delivered in Texas at USD 3794/MT. This price point reflects a stable sentiment, suggesting a largely positive pricing environment marked by consistency and predictability in the stainless steel (flat) market.
Europe
In Q2 2024, the European Stainless Steel (Flat) market experienced a significant upward trajectory, driven by a confluence of factors. The introduction of the EU Critical Raw Materials Act (CRMA) underscored the need for diversified and secure supply chains, pushing up alloy surcharges as nickel and molybdenum prices surged. Energy cost volatility, coupled with inflationary pressures, created an environment of rising production costs, further exacerbating price increases. Regulatory shifts and geopolitical tensions, notably Houthi terrorist attacks near the Suez Canal, contributed to higher shipping costs, adding to the upward pricing momentum. Germany witnessed the most pronounced price changes, reflecting broader European trends but magnified by specific local factors. The price of SS 304 HR Plate in Germany rose dramatically, influenced by Thyssenkrupp's reduction in production capacity at its Duisburg site. Seasonality played a role, with spring generally being a period of higher demand for stainless steel in industrial applications, but this was intensified by a robust recovery in the automotive sector. The overall trend showed an 11% increase from the previous quarter.
This increasing price sentiment was further supported by the ECB’s interest rate cuts aimed at stimulating economic activity, which indirectly bolstered demand for stainless steel. Despite some challenges, including disruptions in supply chains and heightened import pressure, the pricing environment remained overwhelmingly positive. The latest quarter-ending price for SS 304 HR Plate in Germany stood at USD 3614/MT, reflecting the sustained bullish market sentiment throughout the quarter.
APAC
The APAC region experienced a challenging Q2 2024 for Stainless Steel (Flat), with a consistent decrease in prices reflecting an overall negative sentiment. Significant factors influencing this downturn include weak downstream demand, elevated production costs, and high inventory levels. Seasonal slowdowns exacerbated the price decline, while global economic uncertainties further dampened market sentiment. Increased raw material costs, notably nickel, also pressured profit margins, compelling mills to maintain production despite adverse conditions.
China, witnessing the most substantial price changes, saw a marked downtrend in Stainless Steel (Flat) prices. The overall trends highlighted a sharp decline in demand from the property and automotive sectors, coupled with reduced infrastructure investment. Seasonality played a crucial role, with weak post-Labour Day demand contributing to the bearish market. The correlation between high production rates and stagnant demand led to increased inventory levels, further driving prices down.
From the previous quarter in 2024, prices recorded a 3% decrease, reflecting the persistent bearish market conditions. The latest quarter-ending price stood at USD 1712/MT for SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai. The overall pricing environment has been negative, driven by subdued demand, high costs, and economic uncertainties, with no significant disruptions or plant shutdowns reported during the quarter.
For the Quarter Ending March 2024
North America
In Q1 2024, the Stainless Steel (Flat) market in North America experienced a relatively stable pricing environment. The market was influenced by several factors, including decreased demand from downstream industries and a decline in nickel prices. This led to stable prices for Stainless Steel (Flat) products.
The US market saw a slight decrease in prices, driven by reduced demand from industries such as construction and automotive. The decline in manufacturing activity in these sectors, as well as cautious outlook among buyers, contributed to the reduced demand for Stainless Steel (Flat) products. Globally, the Nickel mining industry experienced growth, with major mining companies expanding their capacity. This increase in feedstock supply helped stabilize prices in the market. However, disruptions in trade routes, such as the Suez Canal blockage, resulted in extended lead times and higher freight costs, impacting inventory levels in the US spot market.
Looking at the quarterly price changes, there was a slight decline in prices from the previous quarter in 2024. However, the overall trend for Stainless Steel (Flat) prices in the US market remained relatively stable throughout the quarter. In conclusion, the pricing environment for Stainless Steel (Flat) in North America, specifically the US market, has been stable in Q1 2024. While there were some challenges in terms of decreased demand and disruptions in trade, the market showed resilience and maintained a consistent pricing trend. The latest quarter-ending price for SS 304 HR Plate (6 x 1250 x 2000) DEL Texas in the USA was USD 3506/MT.
APAC
In Q1 2024, the Stainless Steel (Flat) market in the APAC region experienced a mixed pricing environment. The overall trend was decline. Several factors influenced market prices during this quarter. In the APAC region, the pricing of Stainless Steel (Flat) was influenced by factors such as reduced demand from downstream industries, increased inventory levels, and slower global trade expansion. The decreased demand was primarily driven by lower consumption in the automotive sector, particularly in the new electric vehicle segment. Chinese manufacturing also contracted, leading to calls for stimulus measures. Additionally, disruptions in global trade routes and geopolitical instability affected trade dynamics, further impacting pricing. China observed notable fluctuations in the prices of Flat Stainless Steel. Prices declined in January owing to diminished demand and a surplus of supply. February and March saw prices mirror this trend due to continued low demand from downstream automotive sectors. An uptick in supply in the Chinese spot market resulted in a minor price reduction. Overall, Q1 2024 showed a stable pricing environment for Stainless Steel (Flat) in the APAC region. While there were some fluctuations in China, the market remained relatively steady. The latest quarter-ending price for SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai in China was USD 1700/MT.
Europe
In Q1 2024, the Stainless Steel (Flat) market in Europe experienced mixed trends, with Germany witnessing the most significant price changes. Overall, the market sentiment slightly increases. Various factors influenced market prices during this quarter. One key factor was the supply disruptions that tightened inventory levels, leading to a slight price uptick. Prolonged industrial disputes and operational issues at major manufacturing plants, such as Acerinox's Los Barrios and Outokumpu's Tornio sites, resulted in reduced production rates and supply constraints. This, coupled with growing demand fuelled by infrastructure and construction projects, intensified competition for available stock and drove prices upward. In Germany specifically, prices saw a slight increase compared to the previous quarter. The supply shortage and extended lead times further complicated the supply chain and added to the uncertainty for stakeholders. On the demand side, there was a moderate growth in the market, driven by ongoing infrastructure projects. However, this heightened demand exacerbated the supply-demand disparities, leading to increased price pressures. Looking at the quarter, there was a stable market sentiment, with supply and demand both at moderate levels. However, the price changes in Germany highlighted the challenges faced by the industry, such as labour disputes and operational issues, which impacted production and supply. In conclusion, the Q1 2024 Stainless Steel (Flat) pricing environment in Europe was characterized by stable market sentiment, with Germany experiencing the most significant price changes. Supply disruptions and growing demand contributed to price upticks, while challenges in the industry created uncertainties for stakeholders.
For the Quarter Ending December 2023
North America
In the fourth quarter of 2023, the North American Stainless Steel (Flat) market experienced a stable market trend throughout the quarter. Initially, in October 2023, stainless-steel flat product prices in the US spot market remained high due to increased demand from the chemical and automotive sectors, compounded by limited upstream material supplies. US bond yields rose, and the ISM industrial index signaled robust economic development.
In November, prices declined due to increased production, especially from Outokumpu, and reduced consumption. Surpluses in feedstock and decreased production costs contributed to this shift. In December, US spot market prices for stainless steel flat products declined due to rising inventory levels and decreased demand from downstream sectors during the holiday season. Despite challenges like higher production costs, the global Nickel mining industry experienced growth.
US Stainless Steel Flat industries redirected investments to China to counter competitive threats from affordable imports, prompting domestic price adjustments. Winter holidays, severe weather, and uncertainties about government policies, interest rates, and the electric vehicle sector contributed to subdued demand in the US spot market. The latest prices of Stainless Steel 304 HR Plate (6 x 1250 x 2000) DEL Texas (USA) the quarter ending December 2023 was USD 3500/MT.
Asia-Pacific
The fourth quarter of 2023 for the Stainless Steel (Flat) market in the APAC region experienced a declining trend amidst various factors that impacted prices. Firstly, In October, Chinese Stainless-Steel Flat prices declined due to a shift in demand to the south, triggered by Anti-dumping duties in the US and European markets and uncertainties in steel scrap and nickel availability. China's iron ore stocks hit a 7-year low as steelmakers sought alternatives. World Steel predicted a 7.7% growth in steel demand, reducing iron ore inventories. In the latter part of the previous quarter, Stainless Steel Flat prices fell due to increased nickel supply and decreased consumption. The use of recycled materials improved cost efficiency but fell short of recycled Stainless-Steel flats. Price drops were influenced by excess coal supply, challenges in the Australian coal industry, and reduced feedstock nickel costs. Despite peak season, weak transactions caused losses for Chinese mills. In December 2023, pricing stability occurred in the Chinese spot market despite reduced demand, global oversupply, adverse weather, and expanded mining operations. The IPO of China's Tsingshan Holding Group's battery subsidiary impacted nickel prices, and disruptions in Indonesia further affected Stainless Steel Flat prices. High-grade NPI production became more cost-effective, with surplus inventory and decreased consumption in China during the holidays, impacting global orders. Future trends depend on trade and macroeconomic factors. The latest price for SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai in China for the last quarter is USD 1867/MT.
Europe
In the fourth quarter of 2023, the European stainless steel flat market remained stable throughout the last quarter. Firstly, In October 2023, the German spot market for Stainless Steel Flats experienced a price surge driven by heightened demand from the automotive and chemical sectors. A decline in raw material supply, particularly steel scrap, and Nickel pig iron, resulted in reduced production rates and depleted global and domestic inventory levels. Challenges related to the EU Carbon Border Tax prompted calls for strengthened export bans on EU ferrous scrap, raising concerns about future availability. In November, Stainless Steel Flat prices in the German spot market declined due to reduced demand from downstream industries and an oversupply situation. Nornickel raised its global nickel surplus estimate, citing consistent production and lower domestic buying rates. Downstream construction and infrastructure demand weakened as winter halted manufacturing. Towards the end of 2023, Stainless Steel Flat prices in the German spot market further decreased due to oversupply and reduced domestic demand. Rising production costs led to an extended production pause by Arvedi Acciai Speciali Terni. ArcelorMittal's Torero plant in Belgium addressed carbon emission concerns by converting waste wood into bio-coal. The withdrawal of German government subsidies in December impacted electric vehicle sales, affecting the Stainless-Steel Flat sector. The latest price for SS 304 HR Plate (8 x 1350 x 2000) Ex Ruhr in Germany at the end of the quarter was USD 3141/MT.
For the Quarter Ending September 2023
North America
Stainless Steel flat prices in the US spot market are on a decline due to several factors. Firstly, rising federal interest rates and decreased demand from the automotive industry have impacted the market. Tough competition from Chinese automakers like BYD, SAIC, and Geely Motors, who offer similar products at lower prices, has pressured local manufacturers to reduce prices and offer discounts. Furthermore, an abundance of feedstock like Nickel and pig iron in local warehouses, partly due to increased mining rates, has been influenced by automotive companies seeking stable raw material supplies. The construction sector has suffered from reduced building permits, and in Europe, rising interest rates have made buyers more cautious. The energy sector has seen reduced demand due to a decrease in oil and gas availability, Russian sanctions, and OPEC supply restrictions. The UAW strike has impacted major automotive companies, while the US Federal Reserve's decision to maintain current interest rates has added to buyer caution. The Philippines is also investing in nickel processing plants. In summary, lower demand, supply factors, and economic uncertainties have contributed to the drop in Stainless Steel flat prices in the US spot market.
Asia-Pacific
In Q3 2023, China's Stainless Steel Flat prices increased due to various supply and demand factors. Tsingshan Group's commercial nickel production in Indonesia and Zhejiang Huayou Cobalt Co.'s subsidiary becoming a global nickel supplier bolstered the availability of this critical raw material. Stainless Steel Flat production also rose due to collaborations between Huzhou Jiuli Stainless Steel Material Co., Ltd., and Zhejiang JIULI Hi-tech Metals Co., Ltd. The supply of raw materials, including nickel, surged from local and foreign sources, while falling prices of upstream steel and pig iron increased inventory levels, driving Stainless Steel Flat prices down. Although domestic demand from sectors like construction and automotive remained stable, foreign industries showed caution due to uncertain economic conditions. This led to a balanced supply and tepid foreign demand, resulting in mixed market sentiment among local consumers and necessitating price stability by manufacturers in the Chinese spot market. Overall, Q3 2023 witnessed a declining trend in China's Stainless Steel Flat market due to ample supply, subdued foreign demand, and stable local demand.
Europe
At the beginning of the third quarter, the stainless-steel flat market in Germany experienced a downturn. This was primarily due to a combination of reduced demand in downstream industries and higher inventories. The downstream auto sector faced intense competition from foreign companies like Tesla, which hindered its growth. Despite efforts to boost the electric vehicle segment and increase profits, the auto industry struggled to catch up. Both domestic and foreign buyers adopted a cautious approach, waiting for prices to decrease further before making bulk orders. To cope with the challenging market conditions, factories had to offer discounts even on small orders. High inventory levels persisted in the German spot market, primarily driven by weak consumption in various downstream sectors such as auto parts, construction, and interior design. On the supply side, production stabilized as consumption waned in the downstream automotive industry, resulting in a slight increase in supply. Inventory levels remained high due to decreased usage. Ultimately, the strong competition from foreign manufacturers, notably Tesla, continued to impact demand for flat stainless steel in the German market, contributing to the overall firm rising trend observed in the third quarter.
For the Quarter Ending June 2023
North America
The US Stainless Steel Flat Sheet had an early boost in the second quarter of 2023 before beginning to decline in the second half of the quarter. The cost support to produce Stainless-Steel Flat was supplied in April by the rise in the price of nickel feedstock on the international market. Because of the strong domestic downstream demand, the consumption rate remained on the higher end. Due to rising market demand, the service industry saw tremendous expansion and was able to offer services at higher offer rates. Due to robust consumer spending at the beginning of the quarter, which indicated a strong economic start for the second quarter, the consumer price index was on the rise. Because of the debt crisis and the growing rate of inflation, prices decreased somewhat significantly in the H2 of the second quarter. The formerly steady US economic system collapsed, and the market environment turned gloomy. Consumer purchasing power was lowered because of the interest rate increase, increased living expenses, and diminishing household savings, which resulted in a decline in demand for Stainless Steel Flat Sheets on the US spot market. The agreement made by the US government prolonged the debt for two more years, which led to the stability of US economic circumstances and a rise in the price of the Stainless-Steel Flat Sheet in June. At the conclusion of the second quarter, the US government's numerous projects raised downstream demand for Stainless Steel Flats.
Asia-Pacific
At the start of the second quarter, the price of Stainless-Steel Flat sheets in China was originally rising. However, during May and June, the price fell steadily. As the price of nickel, the feedstock increased in April, Stainless Steel Flat Sheet manufacturing costs were strongly supported on the Chinese spot market. The downstream demand from both domestic and international industries was at an all-time high. April's price increase was due to a controlled shipment by the suppliers towards the end of the second quarter. The price of Stainless-Steel Flat fell on the Chinese spot market because of an increase in supply and weak downstream demand. The offshore Indonesian mines' improved extraction and production rates resulted in an increase in the availability of nickel feedstock. Due to the quantity of pig iron and iron ore raw materials on the global market and their lower cost, Chinese Stainless Steel Flat producers purchased a significant volume of Indonesian Nickel Pig Iron. The Chinese Dragon Boat Festival and rising demand for the metal from downstream industries increased production rates in the local Chinese mills as POSCO, a significant stainless-steel maker, raised its output in the quarter to end.
Europe
Prices for German Stainless Steel Flat Sheets originally increased before falling sharply in the second quarter of 2023. The higher price of nickel as a feedstock in April contributed to substantial cost support to produce Stainless-Steel flats in German mills. The local downstream auto industry saw a rise in demand because of the strong sales of electric vehicles. As a result, the Stainless-Steel Flat price in the German spot market remained high in April. Inflation increased, and the world economy deteriorated in the second part of the quarter, discouraging buyers from entering the market. Due to a decrease in downstream demand and a corresponding decrease in the price of Stainless-Steel Flat, the output rate from the nearby mills rose. Chinese producers in other countries were selling Stainless Steel Flat Sheets in excess quantities for less money, which placed downward pressure on German-made Stainless-Steel Flats in both the domestic and international markets. In order to maintain the competitive global market environment, the mills were compelled to sell at a cheaper price.
For the Quarter Ending March 2023
North America
Stainless Steel (Flat) prices in the US market remained stable in Q1 2023 due to steady demand from the construction industry, despite the financial turmoil in the US banking industry. Mill margins were under pressure due to rising input costs and the use of more scrap in furnaces. Stainless steel inventories were slow to deplete despite a significant drop in imports, and cautious buyers kept mills open to individual, non-contract negotiations. Multiple buyers were going through order books to decide how to approach buying over the next few months, as many were concerned that pricing could peak and fall off in the late second quarter and the second half of the year. As a result, SS 304 HR Plate prices for Ex Texas settled at USD 3990/MT.
Asia Pacific
In the Chinese market, the Stainless Steel (Flat) prices were bearish due to high inventory levels and subdued downstream construction demand. Stainless steel manufacturers issued limited goods last quarter, and this quarter's supply release is expected to be sparse. Despite post-holiday optimism, some large stainless-steel mills scheduled production with caution due to scarce raw materials. Spot transactions were slow, and overseas demand was weak. Although prices fell slightly in March, they remained higher than spot transaction prices, and the majority of buyers were waiting for further price drops. Increased production has also dampened demand, and March was a challenging month for sellers. However, price recovery is expected after the second week of April.
Europe
In Q1 of 2023, the Stainless Steel (Flat) prices in the German market showed a stagnant price trend due to limited supply and firm downstream inquiries. Spot supply of raw material pure nickel from the overseas market was limited, leading to subdued upstream demand for coil and downstream demand for tube and sheet in northern and southern Europe. European mills' attempts to increase flat prices mostly failed, with most countries showing stable values compared to January, May, and June lead times being quoted. Some market players saw normal consumption returning following the post-pandemic rush, while others considered keeping prices stable a significant achievement and believed that the flats market would not absorb any hikes. Downstream demand was sluggish, with falling prices observed. Mills, service centers, and re-rollers predicted a negative April due to low consumption during the seasonally short month of Easter.
For the Quarter Ending December 2022
North America
As the fourth quarter of 2022 ended, Stainless Steel (Flat) prices showed a dwindling price movement due to falling downstream inquiries and higher inventories. Buyers were focused in October on reducing inventories across all flat products through the end of the year, which kept them out of the spot market. Mills had attempted to remain competitive with import offers despite falling scrap prices, as downstream demand from new projects did not warrant additional spot buys or bookings of larger imports or rising financing costs. Mill margins were under pressure as input costs rose and the continued push to use more scrap in furnaces. According to manufacturers, downstream demand was difficult, and any increase in scrap was likely to erode mill margins. Thus, the SS 304 HR Plate (6 x 1250 x 2000) prices for Ex Texas (USA) settled at USD 3978/MT.
Asia Pacific
Stainless Steel (Flat) prices in the Chinese market edged downward in the fourth quarter of 2022 due to higher inventory levels and limited purchasing activity amid COVID-19 control and prevention measures. Stainless Steel (Flat) prices rose in October due to an unexpected arrival following the festival, a shortage of certain specifications, and raw material supply concerns. The demand effect in the favorable trading seasons was fading as the traditional slack season began, and overall demand for stainless steel was weak. The domestic epidemic situation was complicated. Logistics were clogged, downstream procurement willingness was low, and the transaction required robust inquiries. On the demand side, stainless steel prices rebounded more in mid-December, influenced by futures prices, providing some profit margin to NPI plants. Thus, the SS 304 HR Plate (6 x 1250 x 2000) prices for FOB Shandong settled at USD 1576/MT.
Europe
In the fourth quarter of 2022, Stainless Steel (Flat) prices showed stagnation in the German market due to limited buying inquiries and higher inventory levels. Buyers who ordered SS HRC for December delivery reported that the material was already available in early Q4, with lead times from several mills as low as two weeks. Despite the falling prices and short lead times, inquiries from downstream players remained low. Order cancellations also resulted from energy cost uncertainty and demand destruction. In December, some mills planned to keep Christmas production shut down for longer than usual. Given that supply still vastly outnumbers demand, market participants remained pessimistic about the impact of such prolonged stoppages on prices. Some mills have stopped trading and will re-enter the market in the first half of January. Due to the ripple effect, the SS 304 HR Plate (8 x 1350 x 2000) prices for Ex Ruhr (Germany) settled at USD 3361/MT.
For the Quarter Ending September 2022
North America
Stainless Steel (Flat) prices fell in the North American market as the market remained uncertain due to continued low demand. Buyers refused to make purchases that would have increased their inventories, preferring to keep stocks tight rather than risk investing in an uncertain market. Some buyers have started contract negotiations for 2023, with at least one source reporting a 4% price reduction for value-add tonnes. When negotiating 2022 contracts last year, steelmakers reportedly reduced many contract purchasers' discounts to lower levels, with some buyers receiving no deals. Many buyers refuse to make purchases that would increase their inventories, preferring to keep stocks tight rather than risk investing in an uncertain market. Towards the end of the third quarter, the market price of Stainless Steel (flat) was 4300 per MT Ex-Texas (USA).
Asia Pacific
During the third quarter of 2022, Stainless Steel (Flat) prices declined in the Asian market due to the subdued demand outlook. As per manufacturers, the operating conditions have deteriorated with a further fall in steel prices and rising coking coal prices. The demand continues to remain muted. Meanwhile, the Indian producers capitalized on the opportunities in the export markets against the backdrop of the ongoing energy crisis in Europe. However, due to the imposition of export duty on finished goods, there has been increased potential for semi-steel export. Monsoon season somehow pressured a few stainless-steel manufacturers to reduce production by 25-30%. Towards the quarter end, the prices of Stainless steel (flat) were USD 3244 per MT, Ex-Mumbai (India).
Europe
Stainless Steel (Flat) prices in the European market fell in the third quarter of 2022 due to a sluggish demand outlook, higher energy costs, inflation, and a new green deal. According to market participants, service centers and large distributors suffered from margins squeezed by rising raw material costs. Market participants stated that the production cuts implemented by some steelmakers were insufficient to make the industry profitable and sustain steel prices, suffering due to high energy costs, a lack of demand, and high stocks. Market participants were particularly taken aback by the lack of production cuts in North Europe, where prices had been lower than in Italy since early September, which was unusual. Final prices of Stainless steel (flat) were USD 3380 per MT, Ex-Ruhr (Germany).
