Price Trend for Stainless Steel in Europe – September 2024

Price Trend for Stainless Steel in Europe – September 2024

Nickel Price Remains Steady Amidst Market Volatility

Despite fluctuations, nickel prices have remained resilient. While there has been a slight drop compared to August’s alloy surcharges, the average price on the London Metal Exchange (LME) for August is still 1.7% higher than in July. This has persisted despite disruptions caused by sanctions on Russian nickel, which made up about 23.5% of LME’s stock as of July 31, 2024.

Stainless Steel Scrap Shortage in Europe

European stainless steel manufacturers have highlighted a significant challenge: the scarcity of stainless steel scrap, leading to rising prices. This shortage, which has persisted since the first quarter of 2024, has been widely recognized by European recycling associations.

Continued Scarcity, Rising Demand, and Low Inventory

Recent reports suggest that the limited availability of scrap, the primary raw material, will persist through the third quarter of 2024. As a result, prices are expected to stay elevated. Increasing demand, which already boosted deliveries in the second quarter, coupled with low inventory levels at EU distributors, is likely to contribute to this trend.

Price Stability Expected for September

Contrary to common market predictions, we do not foresee a decline in stainless steel prices in Europe. Instead, we anticipate that prices will remain stable throughout September.