Asia
In Asia, Inconel prices kept lower in Q4’25. Weak demand from China’s industrial and construction sectors weighed heavily on the market. Nickel feedstocks, especially nickel pig iron and refined nickel, were abundant, and inventory levels remained high, creating pressure on Inconel pricing. Downstream buyers, including stainless-steel and battery producers, were cautious in their purchases, often delaying orders in hopes of lower costs. The growth of nickel-free alternatives, such as lithium iron phosphate batteries, also reduced immediate demand for nickel-rich materials, indirectly affecting Inconel sentiment. As a result, prices moved steadily downward, with minor rebounds limited by ample supply and subdued end-use activity.
Europe
European Inconel markets saw a similar trend during the quarter. Oversupply from global sources, particularly Indonesia, contributed to weaker sentiment. European buyers faced competitive import offers and high stock levels, which impacted the market. Economic uncertainty, driven by slower industrial output and cautious manufacturing forecasts, further limited demand. This combination of factors kept prices under pressure, with only brief periods of stability when global nickel feedstock prices were temporarily recovered.
North America
In North America, Inconel prices also declined over Q4’25. The region’s market felt the impact of high inventory from earlier quarters and subdued downstream demand. Aerospace and chemical processing industries maintained selective buying, but overall consumption was affected. Rising costs of feedstocks had limited influence, as buyers were more focused on inventory management than price fluctuations. Further, the market participants anticipated downward pressure, contributing to a steady soft trend throughout the quarter.