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Stainless Steel Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
Report Format: PDF+Excel | Report ID: SR112024A22297
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Stainless Steel Prices December 2023
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Stainless Steel | Chemical | USA | 3450 USD/MT |
| Stainless Steel | Chemical | China | 1860 USD/MT |
| Stainless Steel | Chemical | Germany | 3146 USD/MT |
The price of stainless steel in the United States for Q4 2023 reached 3450 USD/MT in December. The market in the United States declined due to the increasing inventory levels and reduced demand from downstream sectors during the holiday season.
The price of stainless steel in China for Q4 2023 reached 1860 USD/MT in December. The market in China spotted pricing stability despite reduced demand, global oversupply, adverse weather, and expanded mining operations.
The price of stainless steel in Germany for Q4 2023 reached 3146 USD/MT in December. The market in Germany declined due to oversupply and reduced domestic demand.
Stainless Steel Price Trend, Market Analysis, and News
IMARC’s newly published report, titled Stainless Steel Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of stainless steel 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 prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing stainless steel price fluctuations, such as changes in raw material costs, 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.
Stainless Steel Market Analysis
The global stainless steel market size reached US$ 155.41 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 251.80 Billion, at a projected CAGR of 5.51% during 2023-2032.
- The extensive use of stainless steel in various industries like automotive, construction, manufacturing, and aerospace represents one of the key factors influencing the growth of the market across the globe. The increasing demand for stainless steel in construction activities for structural elements like columns, beams, and reinforcement bars is driving the demand for stainless steel in the construction industry. This is primarily attributed to the durability, strength, and resistance to corrosion in diverse environmental conditions which is boosting the market growth. For instance, in February 2023 Turner Construction Company announced that Agilent Technologies selected the company to build a $725 million facility to produce active pharmaceutical ingredients (API) in Frederick, Colorado which is fueling the growth of the market.
- The expanding automotive industry along with the rising use of stainless steel in the automotive industry for decorative trim, emblems, grills, and other esthetic components in vehicles is contributing to the growth of the market. The polished finish and resistance to scratches and corrosion of stainless steel are driving its demand in the automotive industry. For instance, in September 2023, Dräxlmaier a German automotive supplier opened its new plant to produce high-voltage battery systems in Leipzig. The 800-volt battery systems for the all-electric Porsche Macan, which will roll off the production line at Porsche Leipzig, will be manufactured there.
- Rapid urbanization along with the increasing infrastructure projects, and rising standards of living is bolstering the need for stainless steel products.
- The market is also driven by significant technological advancements in stainless steel manufacturing processes. Innovations that improve production efficiency, reduce costs, or enhance the properties of stainless steel products are driving demand and competitiveness in the market. For instance, in April 2021, Nippon Steel Corporation (Nippon Steel) announced the launch of ZAM®-EX, highly corrosion-resistant coated steel sheets for overseas markets.
- The increasing consumer preferences for durable, corrosion-resistant, and aesthetically appealing products are propelling the demand for stainless steel in consumer goods like kitchen appliances, utensils, and home furnishings.
Stainless Steel News
The report covers the latest developments, updates, and trends impacting the global stainless steel market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in stainless steel production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.
Latest developments in the stainless steel industry:
- In February 2024, Acerinox a leading global company in the distribution and manufacturing of high-performance alloys and stainless steel announced that it has entered into a definitive agreement under which Acerinox’s wholly owned US subsidiary North American Stainless (NAS) will acquire Haynes International a US leading manufacturer, developer, and marketer of technologically it wanted high performance alloys in all cash transaction.
- In March 2024, the Ministry of Steel, Government of India (GoI) virtually inaugurated India’s 1st Green Hydrogen Plant in Stainless Steel Sector located at Jindal Stainless Steel Limited Hisar, India. The government also announced that this is the extension of the National Green Hydrogen Mission (2023) initiative, which aims to make India the largest crude steel producer.
Product Description
Stainless steel or inox refers to the name of a family of iron-based alloys known for their heat resistance and corrosion. Its minimum chromium content of 10.5% is one of its main characteristics, which also gives it its superior resistance to corrosion in comparison to other types of steel. Stainless steel is primarily composed of carbon and iron but with the addition of various other alloying elements, the most prominent being chromium. Other familiar alloys discovered in stainless steel are magnesium, nickel, nitrogen, and molybdenum.
Stainless steel holds several major properties like high strength corrosion resistance hygienic properties heat resistance esthetic appeal recyclability and ductility, which makes it extensively desirable among different applications, such as construction, automotive, food and beverage, medical, household appliances, and energy and infrastructure. It can be tailored to meet specific requirements as it is available in different finishes and grades offering reliability and versatility in different applications.
Regional Coverage
The report provides a detailed analysis of the stainless steel market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends 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 price trends.
Global Stainless Steel Price
The report offers a holistic view of the global stainless steel pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.
Europe Stainless Steel Price
In Europe, the demand for stainless steel remained steady. October saw a spike in prices on the German spot market due to increased demand from the chemical and automotive industries. Lower production rates and lower inventory levels were the results of a reduced supply of raw materials. Concerns regarding the future availability of ferrous scrap led to requests for export limits due to issues with the EU Carbon Border Tax. November saw price reductions because of excess supply and decreased downstream demand. Nornickel increased estimates of the global nickel surplus. December saw additional price reductions because of decreasing domestic demand and oversupply, which were exacerbated by changes in government subsidies that affected the sales of electric vehicles and growing production costs.
This analysis can be extended to include detailed stainless steel price information for a comprehensive list of countries.
| Region | Countries Covered |
|---|---|
| Europe | Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Stainless Steel Price
North America's stainless steel market experienced stability. At first, inadequate upstream supply combined with strong demand from the chemical and automotive industries drove increased prices in October. November saw a drop because of lower consumption and higher production, mostly from Outokumpu. This change was influenced by decreasing production costs and surpluses. More price reductions occurred in December because of decreased demand over the holiday season and growing inventory levels. The world market for nickel mining expanded despite obstacles including increased production costs. Investments in US sectors were shifted to China in response to low-cost imports. US market demand was muted by the winter holidays, bad weather, and unclear policies.
Specific data on stainless steel prices within the United States and Canada can also be provided.
| Region | Countries Covered |
|---|---|
| North America | United States and Canada |
Middle East and Africa Stainless Steel Price
The analysis of stainless steel prices in the Middle East and Africa provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
In addition to region-wise data, information on stainless steel prices for countries can also be provided.
| Region | Countries Covered |
|---|---|
| Middle East and Africa | Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Aisa Pacific Stainless Steel Price
A decline in prices was seen by the stainless steel market in the Asia Pacific region due to a variety of factors. October saw a decline in Chinese prices because of anti-dumping taxes, a shift in demand to the south, and unpredictability about scrap and nickel availability. Prices were impacted by declining iron ore reserves and rising steel demand worldwide. Subsequently, declining consumption and growing supply of nickel led to additional decreases. Notwithstanding the increased cost-effectiveness of recycled materials, problems in the Australian coal sector and an abundance of coal affected prices. Despite decreased demand, a global glut, and interruptions in Indonesia, prices remained stable in December. Global orders were hampered by high-grade NPI output and lower consumption over the holidays. The macroeconomic and trade landscape is likely to determine future trends.
This analysis can be further extended to include detailed stainless steel prices for a comprehensive list of countries within the region.
| Region | Countries Covered |
|---|---|
| Asia Pacific | China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Stainless Steel Price
The analysis of stainless steel 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.
| Region | Countries Covered |
|---|---|
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
| Key Attributes | Details |
|---|---|
| Product Name | Stainless Steel |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Price Analysis, and Segment-Wise Assessment. |
| Currency/Units | US$ (Data can also be provided in local currency) or Metric Tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries: Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand* Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru* Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco* *The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers |
|
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of stainless steel 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 stainless steel price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, 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, ensuring they remain at the forefront of the stainless steel industry.
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
- Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
- For further assistance, please connect with our analysts.
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