Stainless Steel prices have increased dramatically over the past five months to May 2022. Thankfully we have seen some normality for June with the reduction of Nickel back to US$28,500 and a drop in Iron Ore prices.
June has seen the alloy surcharge move back to April levels. This is excellent news for the Stainless market, which is facing a tough time with over a 40-60% price increase since January 2022.
For the next quarter, expect prices to remain firm at the current levels. Still, there is a possibility of further increases as the China market opens back up fully and the demand increases for alloy elements such as Nickel and Iron Ore. The Chinese government has just announced a huge fiscal package of support for the construction industry, which will increase demand and then prices. Another main issue still facing the stainless market is the effects of rising energy costs. These are yet to be costed into manufacturing.
However, all is not doom and gloom!
With increased stock Stainless Band is supporting our clients on pricing and ensuring material is available. Please speak to our sales team on how we can work together going forward >