• July 10th 2023

Stainless steel is a popular material used in various industries such as construction, automotive, and aerospace due to its excellent corrosion resistance and durability. However, the price of stainless steel can vary greatly depending on several factors such as region, demand, and availability. Below is a breakdown of the current prices of stainless steel in different regions and a forecast for future prices.

Prices of Stainless Steel in Different Regions

Like with other metals, the price of stainless steel is driven largely by the price and availability of the commodities that make up the grade. In the case of stainless steel, that includes nickel and chrome. That price impact is felt by you in form of the stainless steel surcharges. These are additional charges added to the base price per pound of an alloy typically vary by mill. Typically, the base price for each is established using the following:

  1. Alloy
  2. Production Cost
  3. Yield Factor
  4. Supply-demand Fundamentals

Prices of Stainless Steel in United States

As of June 15, the July estimates were as follows:

  • 304 stainless: $1.1331 (down more than 8% from June)
  • 316 stainless: $1.7170 (down nearly 7% from June)
  • 430 stainless: $0.3824 (down more than 5% from June)

In the clip below, Nick Webb, Ryerson's director of risk management, commodity hedging, describes why stainless steel prices and margins may be coming under pressure in the coming months. 

Prices of Stainless Steel in Europe

The price of stainless steel in Europe fell further in the week ended Friday July 1 amid continued poor demand from distributors, sources told Fastmarkets.

Fastmarkets’ weekly assessment for stainless steel cold-rolled sheet 2mm grade 304 base price domestic, delivered Northern Europe was €1,250-1,300 (1,306-1,358) per tonne on Friday July 1, down by €50 per tonne week on week.

Meanwhile, Fastmarkets’ weekly assessment for stainless steel cold-rolled sheet 2mm grade 304 transaction domestic, delivered North Europe was €4,000-4,200 per tonne on Friday, down from €4,200-4,300 per tonne the week before.

When nickel prices exploded in March following Russia’s invasion of Ukraine, panic set in and purchases were increased or brought forward to avoid paying even higher prices the next week, resulting in a market flush with highly-priced material.

Prices of Stainless Steel in China

China Transaction Price: 36 City Avg: Stainless Steel: 2.0, 304/2B Cold Roll data was reported at 16,892.880 RMB/Ton in May 2023. China's massive steel industry has been hard hit by a months-long slump in the country's huge property sector, pushing steel prices to three-year lows in May.

Summary

The price of stainless steel varies greatly depending on the region, grade, and quantity. The price of stainless steel is expected to continue to rise in the coming years due to increasing demand and limited supply.