Stainless Steel (304) Price Trend and Forecast

Stainless Steel (304) Regional Price Overview

Get the latest insights on price movement and trend analysis of Stainless Steel (304) in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Stainless Steel (304) Price Trend for First Half of 2024

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Asia

In the Indian stainless steel (304) market, the prices were mostly stable throughout the first half of the year 2024. Several factors contributed to the borderline stagnancy in the stainless steel (304) markets in India. Rising coking coal prices and production-related dynamics in China, despite a global economic slowdown, along with the long general election season, all contributed to the buoyancy in the stainless steel (304) market.
 

Stainless Steel (304) Price Chart

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Some dips were seen, particularly in the middle phase of H1’24 around the peak of election season. The decline was driven by weak global sentiment, increased freight costs, and subdued domestic demand. Major mills reduced prices for early July.  The rainy season further dampened demand, particularly in the construction sector.

Additionally, issues such as quality concerns from the National Highways Authority of India (NHAI) have impacted induction furnace sales. Increased domestic production and cheaper imports have pressured prices, while exports remain lackluster due to weak international demand and competitive pricing from China. Average monthly prices went from about 2484 USD/MT in January’24 to around 2471 USD/MT in June’24.

Europe

In the European stainless steel (304) market, the overall market performance was almost tepid throughout the first half of 2024. Since the region has been combating several domestic and international crises for the past few years, the trade dynamics have started maneuvering around it. The Russia and Ukraine war continued full-fledged into its third year. At the same time, the war in the Middle East also affected the trade sentiments in Europe. A significant drop has been observed in the trade through the Red Sea as the Houthi attacks kept the sailing unsafe for cargo vessels. The metal industry has also been bearing the consequences of these major events. Overall, the stainless steel (304) market remained buoyant in Europe throughout H1’24.

North America

In the American market, the stainless steel (304) prices kept fluctuating for the entire span of six months. Prices observed a consistent fall in the first quarter; however, after bottoming out, they showed some improvement in the second quarter and escalated to about 2326 USD/MT in June’24 after starting at around 2106 USD/MT in January’24. Overall, a varying price trajectory was witnessed throughout the said span.

Analyst Insight

According to Procurement Resource, with the rise in global steel production and growing inventory volumes, Stainless Steel (304) prices are expected to dip slightly in the upcoming months.
 

Stainless Steel (304) Price Trend for the Second Half of 2023

Stay updated with the latest Stainless Steel (304) prices, historical data, and tailored regional analysis
 

Asia

Stainless Steel (304)’s market performance was quite positive during the second half of the year 2023. The prices were mostly found to be fluctuating; however, the overall market sentiments were largely optimistic. In the Indian market, the average monthly spot prices went from about 2495 USD/MT in July’23 to around 2568 USD/MT in December’23, registering a growth of approximately 2%.

In China, however, an increased production of steel in the concerned financial year brought the prices down. The supply and demand dynamics were largely at parity in the country, and thus, the market rates were found to be wavering within very narrow ranges throughout the said period. Overall, the regional dynamics for stainless steel (304) were largely mixed.

Europe

The European stainless steel (304) market was mostly riddled throughout the given span. The region’s domestic production took a hit as the ongoing Russia and Ukraine war impacted the supply chains and logistics. On the other hand, Israel and Hamas conflict curtailed the supply chains even more for European markets. The Black Sea deal was already off the table when the Red Sea crisis emerged. Houthis started attacking the ships in the Red Sea, which proved detrimental to the offshore trade of European markets. Overall, a tepid trend was witnessed for stainless steel (304) in Europe.

North America

Stainless steel (304) prices were found to be following a downward trajectory in the American markets. The monthly average prices went from about 2706 USD/MT (9% Min Ni) in July’23 to around 2188 USD/MT (9% Min Ni) in December’23. This caused a downfall of about 19% in the US stainless steel (304) market. Overall, dull market sentiments were observed in H2’23.

Analyst Insight

According to Procurement Resource, Stainless Steel (304) is likely to show persistent regional variations in the coming quarters as well. The domestic and international outlooks are playing out differently for key stainless steel (304) markets.
 

Stainless Steel (304) Price Trend for the First Half of 2023

Asia

The price trend of stainless steel (304) fell consistently in the first and second quarters of 2023. The initial phase of the first quarter suffered from the rise in the level of inventories due to decreased demand from the downstream industries. However, after a long period of stagnancy in the Chinese market, manufacturing activities surged, but the sluggish movement of domestic and international markets hampered the rates of procurement.

Europe

In the first quarter, the market for stainless steel (304) was supported by lower import levels and rising inquiry rates that helped the prices to grow. Consumption and customer interest, however, lagged, and obstacles were presented by growing product inventories. The second quarter saw a temporary price increase brought on by rising material costs and improving automotive conditions. Nevertheless, prices decreased as a result of low-cost imports and global economic uncertainty.

North America

Similar to the trend of prices seen in European countries, the prices of stainless steel (304) were stable in the first quarter of 2023. However, the support from downstream industries declined in the second quarter under the pressure of recession, rising levels of inventories, and reduced interest of buyers in this sector. In the second quarter, the high cost of raw materials and slight gains in demand only supported the market trend during the initial phase, but soon, the debt crises, restricted purchasing potential of buyers, and uncertain market sentiments caused the price trend of stainless steel (304) to decline.

Analyst Insight

According to Procurement Resource, the price trend of Stainless Steel (304) is expected to face southwards with falling demand dynamics and highly uncertain conditions of downstream industries.

Procurement Resource provides latest prices of Stainless Steel (304). Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.