Stainless steel prices join the global boom
A
MEPS (International) product story
Edited by the Engineeringtalk editorial team
Sep 6, 2004
World stainless steel product prices currently stand close to their highest point of the last few years.
World stainless steel product prices currently stand close to their highest point of the last few years.
Comparing transaction prices over MEPS' reference period from January 1997, today's values in the EU, Japan and USA are all well above their previous best, which was reached in mid-2000.
In the EU, the grade 304 hot rolled coil transaction price, equivalent to US $2240 per tonne, is up by more than 46% since this time last year.
In the USA, likewise, the current price of US $2136 per tonne is 46% above its level in 2003.
In Japan, the hot rolled coil price of US $2306 per tonne is 58% higher than in August a year ago - showing the success that mills have had in passing on alloy costs to their customers.
Grade 304 cold rolled coil prices have shown a similar development.
MEPS' world transaction price now stands about 40% higher than it was 12 months earlier and is also well above its previous peak four years ago.
In July 2000, cold rolled coil was selling for the equivalent of US $2120 per tonne.
Today's world price at US $2382 is 12% greater.
It is not coincidental that, in 2000, steelmakers witnessed the last period of elevated nickel prices.
For much of the first half of that year, nickel was traded on the London Metal Exchange at between US $9500 and $10,000 per tonne.
Consequently, prices for 300 series stainless were at lofty levels.
A jump in world stainless production was also reported - adding to the pressure on raw material supplies.
The current period of high nickel costs has been accompanied by increases in other inputs.
The ferrochrome price has doubled since the start of 2003, and non-alloy scrap has also surged in value.
Nickel of course has been the dominant factor in setting prices for austenitic stainless products.
The extraordinarily volatile LME settlement price plummeted from over US $17,000 in January to below US $11,000 in May, before recovering to around US $14,000 per tonne at present.
Today's alloy surcharges for cold rolled 304 are more than double what they were 12 months ago.
With both nickel and chromium in fundamental undersupply, surcharges seem sure to remain the dominant force in the market for the rest of this year and probably beyond.
Stainless demand remains strong, but mills may find it difficult to raise basis prices.
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