In the first quarter of 2023 in Asia, slow downstream industry movement and excess inventories led to a decline in stainless steel prices. Despite a brief upturn in the second quarter due to higher nickel metal costs, excess supply from increased nickel extraction rates and weak industry demand caused prices to drop. In Europe, stable stainless-steel prices in Q1 were supported by restricted supply, high downstream demand, and favorable raw material costs. However, a sharp price decline occurred in Q2 due to rising nickel raw material prices, reduced downstream demand, and competition from cheaper Asian imports. In North America, initial demand from construction sustained stainless steel prices, but the second quarter witnessed a decline due to economic crises, inflation, and deteriorating economic conditions.
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Stainless steel is an alloy of iron containing at least 10.5% chromium and is corrosion-resistant due to the formation of a passive oxide layer on its surface. Stainless steel also exhibits high strength, good ductility, and thermal conductivity. It comes in various grades with different properties, making it adaptable to specific applications. Stainless steel is widely used in industries due to its durability, hygiene, and aesthetic appeal, making it suitable for applications ranging from kitchen utensils and medical devices to construction and aerospace components.
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Stainless Steel in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Stainless Steel Price Trends, including India Stainless Steel price, USA Stainless Steel price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Stainless steel’s diverse properties have led to its extensive industrial use. In the construction sector, it is utilized for structural components, facades, and roofing due to its durability, corrosion resistance, and aesthetic appeal. In the automotive industry, stainless steel finds application in exhaust systems, automotive trim, and components where corrosion resistance and sleek appearance are vital. In the food and beverage industry, it is preferred for processing equipment, storage tanks, and kitchen utensils due to its hygienic properties. Stainless steel is also crucial in medical equipment, chemical processing, aerospace, and marine applications, showcasing its adaptability across various industrial sectors.
The stainless steel industry is grappling with challenges posed by cheap imports from China and Indonesia, compounded by a global economic slowdown. Despite delayed responses to demand for countervailing duties on imports, domestic stainless steel manufacturers, reliant on exports, are facing adverse effects. Abhyuday Jindal, MD of Jindal Stainless, anticipates continued growth in stainless steel demand this fiscal year. Despite concerns about India’s competitiveness due to production costs, the company remains competitive globally. However, Chinese imports remain a threat, with the potential for increased inflow unless safeguard measures are implemented. The industry is also adapting its product mix to counter import pressures while addressing shifting consumer segments.
Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients with up-to-date and pioneering practices in the industry to understand procurement methods, supply chains, and industry trends so that they can build strategies to achieve maximum growth.
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