Stainless Steel prices have continued to increase in 2021. One of the main drivers of price increases is the rising trade value of Nickel.
Although Nickel is only approximately 8-10% of the material in the production of Stainless Steel, the value of Nickel has risen to $20,210 per tonne, which is affecting Stainless Steel prices.
Another factor driving Nickel prices is the increase in the manufacture of electric vehicles, creating a demand for the metal. A recent report on behalf of the European Commission revealed that the demand from Nickel will be 92,000 tonnes in 2020 to an impressive 2.6 million tonnes by 2040.
To add to the increase in Nickel, ferrochrome is also seeing a price rise.
In addition to Nickel prices, Stainless Steel prices have increased due to freight shortages and fuel prices.
Some companies are stocking up on Stainless Steel which has further reduced availability and caused prices to increase.
Stainless Band has a supply chain that has been nurtured over the year to ensure that supply to customers has not been compromised. Our comprehensive raw material stock combined with our impressive in-house processing facilities ensures that we keep our pricing structure competitive.