Stainless Steel (316) Price Trend and Forecast

Stainless Steel (316) Regional Price Overview

Get the latest insights on price movement and trend analysis of Stainless Steel (316) in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Stainless Steel (316) Price Trend for First Half of 2024

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Asia

Over the said six-month span, stainless steel (316) prices showcased fluctuations. After some initial push, the stagnancy in the supply and demand outlooks kept the Indian market consolidated for the majority of the span. A long phase of general elections in the country this year majorly kept the stainless steel (316) market stable. The monthly average prices in the country went from about 3685 USD/MT in January’24 to around 3678 USD/MT in June’24.
 

Stainless Steel (316) Price Chart

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The equilibrium between the upstream and downstream dynamics kept the stainless steel (316) market anchored for the said period. Weak downstream demand in the global market for stainless steel also kept exerting downward pressure on domestic prices since the export opportunities remained limited. At the same time, China remained the biggest producer and supplier for the global steel market. Overall, mixed market sentiments were witnessed in H1’24.

Europe

The European markets continued to struggle with the prolonged logistic and freight-related issues. Stainless steel (316) shipments saw a staggering rise in delivery times over the first half of 2024 especially because of the mounting Red Sea issues with rising Houthi pirate attacks. Suez Canal, the maritime gateway between Asia and Europe, saw an estimated 50% dip in the number of vessels.

Another hit for the market came in the form of surging nickel and iron ore prices in the key exporting nations, further raising the quotations of stainless steel in the European countries. However, as the imports from the Asian countries rose, the domestic producers began to express their concerns as it increased the competition in the market.

North America

The North American stainless-steel market followed a positive throughout the first half of 2024. The stainless-steel prices in this region also inclined consistently with the help of the expansion of the automotive and construction industries. Additionally, the delay in the interest rate cuts by the US Federal Reserve kept the market stakeholders cautious and prevented any drastic fluctuations, ultimately keeping the trade dynamic stable. Further, the growth of the industrial sector in the summer season also supported the rise in procurement of imports from Asian countries.  The monthly average prices went from about 2951 USD/MT in January’24 to around 3406 USD/MT in June’24.

Analyst Insight

According to Procurement Resource, the Stainless Steel (316) prices are expected to exhibit a moderate performance in the coming months, given the current supply and demand dynamics and market fundamentals.
 

Stainless Steel (316) Price Trend for the Second Half of 2023

Stay updated with the latest Stainless Steel (316) prices, historical data, and tailored regional analysis

Asia

The stainless steel (316) observed a fluctuating price trend during the last two quarters of the year 2023. The boost in the iron ore prices in the early months of Q3 after the Chinese real estate industry started picking up influenced the stainless steel (316) prices all over the region. Because of this, the stainless steel prices showed a rise of about 7% in the third quarter. However, as the inventories started piling up and the consumption in the Indian domestic market trampled, the prices also began to swindle.

The monthly average prices in the Indian market went from around 4175 USD/MT in July '23 to around 3780 USD/MT in December '23, recording an overall half-yearly decline of about 9%. Conclusively a very blended market performance was witnessed in H2'23.

Europe

The European stainless steel (316) market registered a consistently downward wavering price trend during the given period of H2'23. Since the onset of the Russian war, the economic situation of the region has been fickle. Though the said span was relatively stable on broad economic terms, one of the long-term consequences of that experience has been low spending in the construction and related sectors. Because of these dialled-down end users' demands, the stainless steel (316), market struggled with profitable prices; overall, slumping trends were witnessed.

North America

The stainless steel (316) prices fluctuated in the American markets during the said period. After tottering low for the entire three month span of Q3, the stainless steel (316) market finally started picking up in the region at the beginning of the final quarter. However, as the shipping issues started unfolding in the Red Sea, which considerably curbed down the number of ships passing through the Suez Canal, the market started witnessing demand depreciation. New Year holidays also had a role to play in this turn of events. Overall, a heterogenous price trend was witnessed in the US domestic market.

Analyst Insight

According to Procurement Resource, the Stainless Steel (316) price trends are likely to falter more in the coming months as the inventories are glutted and the demand dynamics are not very supportive of the market projections.
 

Stainless Steel (316) Price Trend for the First Half of 2023

Asia

The market for stainless steel (316) declined consistently in the first two quarters of 2023. In the first quarter, the market suffered from a rising level of inventories due to a fall in demand from the downstream industries. After the holiday season, several industries boosted their production rates; however, the demand for stainless steel (316) was not enough to counter this rising level of stockpiles, and along with the feeble movement of the overseas industries, the price trend of stainless steel (316) declined.

In the initial months of the second quarter, the market showed some signs of improvement as the level of inventories depleted. However, in the subsequent months, the uncertainties in the economy and rising rates of inflation stunted the growth of the stainless steel (316) price trend.

Europe

The first quarter of 2023 witnessed oscillations in the stainless steel (316) prices. The consistent number of inquiries from the downstream industries and declined import and thus competition in the market supported the rise in the prices of stainless steel (316). However, the lack of direct consumption, poor interest of consumers, and rising stockpiles of products proved to be problems for the market activities of stainless steel (316).

There was a slight rise in the trend during the initial phase of the second quarter due to the rise in the cost of nickel and other raw materials. Further, the improved condition of automotive industries also supported the incline in the price trend. However, due to the halt in the global economy, the buyers became pessimistic about ordering bulk quantities, and with the influx of cheap imports from Asian countries, the prices of stainless steel (316) plummeted.

North America

In North America, the price trend of stainless steel (316) remained stagnant in the first quarter. A slight upward fluctuation was seen in the prices in the month of February when consistent demand from downstream industries drove the market, but soon, the ill effects of recession, pressure of rising inventory, and evaporating interest of buyers began to show. Similarly, in the second quarter, the rising rates of raw materials slight incline in demand and consumption rates supported the market trend initially. In the second half of this quarter, the debt crisis, poor purchasing potential of buyers, and decline in demand eventually led to the decline in the prices of stainless steel (316).

Analyst Insight

According to Procurement Resource, the price trend of Stainless Steel (316)  is estimated to struggle due to the falling economy and poor procurement from the downstream industries.

Procurement Resource provides latest prices of Stainless Steel (316). 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.