Monel Price Trend

Monel Prices December 2023

In the United States, the price of monel for Q4 2023 was 59,060 USD/MT in December. The market showed resilience with a significant price decline earlier in the quarter due to increased production and reduced consumption, especially from downstream industries. By December, the market stabilized with moderate demand, moderate purchasing activity, and sufficient product inventories, despite challenges like severe weather and uncertain economic policies.

In Japan, the monel market in Q4 2023 experienced a downturn, with prices dropping to 45544 USD/MT by December. This was due to increased production and oversupply, alongside declining demand from automotive and chemical sectors. Despite these pressures, a slight growth in demand for hybrid and electric vehicles provided some support. However, international trade issues and disruptions, such as re-examined anti-dumping measures and shipping route conflicts, further challenged the market.

In Germany, the monel market in Q4 2023 faced varied dynamics, ending with a price of 45940 USD/MT for alloy 400 Ex Werdohl. Initially, October saw a price rise due to increased automotive and chemical sector demand and tight raw material supplies. However, by November and December, prices fell amid oversupply and diminishing demand. Contributing factors included global competition in feedstocks, the cessation of green steel initiatives, and reduced electric vehicle sales following subsidy cuts.

In the UAE, the monel market in Q4 2023 saw prices stabilize at 38345 USD/MT for alloy 400 Sheet CFR Jebel Ali by December. The quarter began with a price dip attributed to increased monel supply and decreased domestic demand, impacted by lower import costs from Asia. Despite trade disruptions and heightened global commodity prices, local demand remained buoyed by the construction and automotive sectors. The UAE's continued export ban on steel scrap and international events like COP28 highlighted the ongoing market adjustments and future demand expectations.

Monel Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Monel Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of monel pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of monel at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of monel price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing monel price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Monel Market Analysis

The global monel market size reached 21.2 Thousand Tonnes in 2023. By 2032, IMARC Group expects the market to reach 29.7 Thousand Tonnes, at a projected CAGR of 3.80% during 2023-2032.

• The intensification of industrial processes as well as the chemical processing, oil and gas, and marine industries develop the field for the application of monel alloys that show high corrosion resistance in aggressive environments. According to the International Stainless Steel Forum (ISSF), stainless steel production saw an annual increase of 10.6%, reaching 56.3 million metric tonnes in 2021. 
• Technological breakthroughs and advancements which enhance the quality of products of monel alloys and bring down the processing costs prevailing on the market are encouraging market growth.
• Countries are generally forced to implement tighter environmental standards globally. As a result, industries are using materials of higher quality such as monel to withstand aggressive and corrosive conditions. Consequently, there is increased equipment life span and lower environmental impacts, thereby fueling the market.
• Long-term investments in infrastructure, especially in developing regions where durable materials are needed for construction and engineering, include monel alloys used for critical functioning as environment service, which in turn is propelling the market.
• Considerable rise in oil and gas production as well as the offshore and high-sulfur activities are rapidly growing, thus the materials with extra or extreme corrosion resistance are increasingly preferred which favor the adoption of monel.
• The growing dependence on lighter and more powerful materials in the automotive and aerospace sector drives the demand for monel alloys for improving the performance and fuel efficiency of these heavy duty machines, thereby contributing to the market growth.
• Fast-paced economic growth and industrial renewal in emerging markets as well as the rise of new factories and production facilities, demand more products containing monel alloys.
• Continuous research and development (R&D) activities including search for new applications and improving the capabilities of monel alloys can create extra markets and new applications.
• Monel’s non-reactionary nature allows it to be used in medical devices and implants, a sector that could be demanding due to invention of technologies in the field of medicine and aging population around the world.
• As the electric vehicle segment continues to grow, this consequently creates an increase in the demand for long-lasting and corrosion-resistant materials such as monel.

Monel News

The report covers the latest developments, updates, and trends impacting the global monel market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the monel price trend.

Latest developments in the monel industry:

• On 13^th February 2023, JSW Steel and Japan's JFE formed JV to produce grain-oriented electrical steel in India. The JV aspires to cater to the rising domestic demand for grain oriented electrical steel and contribute significantly to the country's energy infrastructure.
• On 1^st May 2023, Aramco, Baosteel and PIF signed agreement to establish first integrated steel plate manufacturing complex in Saudi Arabia. The project aims to enhance the domestic manufacturing sector through localizing the production of heavy steel plates, transferring knowledge, and creating export opportunities.

Product Description

Monel is a nickel-copper alloy that is mainly actualized for its strength, toughness, and capacity to resist corrosion and high temperatures. It is widely utilized in various settings with extreme environmental conditions. It is widely preferred in chemical and hydrocarbon processing equipment, marine engineering, valves, pumps, and shafts on account of its high reliability and longevity.

On the other hand, it plays vital roles in the space industry through parts for jets, engine mounts and exhaust systems due to an excellent capacity to endure extreme conditions. Also, monel is used in electronics and medical fields for their high conductivity and non-reactivity.

The alloy stands out in applications such as the development of musical instruments as well as measurement devices where non-erosive and durable materials are preferable.

Regional Coverage

The report provides a detailed analysis of the monel market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the monel price trend.

Global Monel Price

The report offers a holistic view of the global monel pricing trends in the form of monel price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of monel but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes. 

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed monel demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

North America Monel Price

In Q4 2023, the North American monel market experienced an initial decline in prices in October due to increased demand in the US. However, this trend was reversed in November, as higher production rates and lower consumption offset the earlier price decline, stabilizing the market. December witnessed further price drops amid increased inventory levels and decreased demand. Despite challenges, global nickel mining grew, supported by projects, including Minnesota copper-nickel mining. US industries redirected investments to China for competitiveness. Seasonal factors and policy uncertainties subdued US spot market demand.

Specific monel historical data within the United States and Canada can also be provided.

Asia Pacific Monel Price

APAC's monel market faced challenges in Q4 2023, driven by increased nickel supply and global uncertainties. October saw Japanese market prices decline due to weakened domestic demand. November witnessed further drops from oversupply and international trade tensions. December prices were influenced by reduced trading activity and disrupted exports. Japan's steel industry faced declining demand and disruptions, posing challenges. Trade disruptions and reduced demand posed challenges for Japan's monel market.

This monel price analysis can be expanded to include a comprehensive list of countries within the region.

Europe Monel Price

Europe's monel market in Q4 2023 struggled with reduced demand and oversupply. October saw price rises in Germany due to sectoral demand and reduced material supply. November witnessed market prices decline from oversupply and global competition. By December, prices dropped further due to decreased demand and production pauses. German EV subsidy withdrawals impacted monel sales. Green steel gained traction amid decreasing demand for traditional monel.

This analysis can be extended to include detailed monel price information for a comprehensive list of countries.

Middle East and Africa Monel Price

MEA's monel market in Q4 2023 experienced slight declines influenced by reduced domestic demand and increased supply in the UAE. Price stability in December was supported by ample supply despite concerns about trade disruptions. Factors, including climate protests and energy transitions affected market dynamics. Growing interest in electric and hybrid vehicles and anticipated construction projects drove monel demand. The market remained sensitive to global supply and demand fluctuations.

In addition to region-wise data, information on monel prices for countries can also be provided.

Latin America Monel Price

The analysis of monel prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of monel pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting monel price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The monel price charts ensure our clients remain at the forefront of the industry.