Stainless steel prices surge ahead
A
MEPS (International) product story
Edited by the Engineeringtalk editorial team
Jul 4, 2006
Prices for stainless cold rolled coils have moved strongly upwards this year.
Prices for stainless cold rolled coils have moved strongly upwards this year.
Transaction prices - basis agreements plus raw material surcharges, where applicable - have increased in all the major markets.
Since December last year, transaction prices for grade 304 cold rolled coils have risen by 17% in Japan, by 29% in the USA and by no less than 42% in Germany.
The surge in German prices reflects in part the growing shortage of material and mill lead-times that in some cases stretch out until January 2007.
Moreover, the recent fire at one of TKN's main stainless steel works is likely to aggravate the supply tightness.
Although basis prices have gone up, a large part of the increase being paid by stainless buyers is attributable to higher costs for alloys and other raw material inputs.
Alloy surcharges for type 304 in July will be around Eur 1300 per tonne in Europe and about US $1700 per short ton in North America.
These are increases of 64 and 78%, respectively, since January.
The surge in the price of nickel to almost unprecedented levels in the last few months is largely responsible for these rises.
But other raw material costs have also increased.
After dipping in the first quarter of this year, chromium prices have rebounded.
Some mills have further inflated their surcharges by including provision for nonalloyed scrap and energy.
The latest increases mean that prices for type 304 cold rolled in the USA, Japan and Germany now all stand at the highest levels that MEPS has ever recorded since it began publishing Stainless Steel Review in 1997.
In the USA, transaction prices have exceeded US $3000 per tonne for the first time, and currently stand at 62% above those in April 1997.
In Japan, prices are 34% higher in the same comparison.
In Germany, this month's price is 64% over its April 1997 level.
At the time of writing the LME nickel price has moved to in excess of US $22000 per tonne so alloy surcharges can be expected to remain at high values.
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