For the Quarter Ending September 2024
North America
In Q3 2024, the North America region witnessed a relatively stable pricing environment for Hastelloy. The market remained steady, with prices maintaining a consistent trajectory throughout the quarter. Various factors contributed to this stability, including balanced supply and demand dynamics, resilient market conditions, and consistent operational activities among key industry players. Moreover, seasonal trends did not exert significant pressure on prices, further reinforcing the overall stability in the market.
However, in the USA, notable price changes were observed, with fluctuations impacting the market to a greater extent compared to other regions. Despite these changes, the overall trend remained stable, reflecting the broader market sentiment. Additionally, the correlation in price changes between regions highlighted the interconnected nature of the global Hastelloy market, where developments in one area could impact pricing dynamics in another.
Regarding the percentage change from the same quarter last year, the market saw a notable shift, indicating evolving market conditions and industry trends. The recorded percentage change from the previous quarter in 2024 further emphasized the stable pricing environment, with minimal fluctuations observed.
As the quarter concluded, the latest price for Hastelloy C-276 DEL Florida in the USA stood at USD 68192 /MT, underscoring the consistent and stable pricing landscape that characterized Q3 2024. The quarter ended on a positive note, with market players navigating challenges and opportunities with strategic resilience.
Europe
In Q3 2024, the Europe Region's Hastelloy pricing remained stable, reflecting a balanced market influenced by various factors. The region experienced consistent pricing due to a harmonious interplay of supply and demand dynamics. Factors such as stable raw material costs, steady economic conditions, and balanced global trade contributed to the overall stable pricing environment. Despite challenges in certain sectors, the market-maintained equilibrium.
Germany witnessed notable price changes, with a decrease from the previous quarter in 2024. This fluctuation can be attributed to specific market conditions within the country, such as shifts in supply and demand patterns. However, when comparing the first and second half of the quarter, prices remained consistent, indicating a level pricing trend. Moreover, suppliers are struggling to manage inventory levels amidst uncertainty, with a need for significant adjustments to navigate the current economic downturn.
The latest quarter-ending price for Hastelloy C-276 , Ex Werdoh in Germany stood at USD 53300/MT, reflecting the stable pricing sentiment prevalent in the region during Q3 2024.
APAC
In Q3 2024, the APAC region witnessed a challenging period for Hastelloy pricing as market conditions favored a decreasing trend. Several significant factors influenced market prices, including excess supply, weak demand from key sectors such as construction and automotive, and global economic uncertainties. The supply side was impacted by robust production levels, regulatory changes adding operational complexities, and increased competition in the export market. On the demand side, sluggish activity in the downstream industries, particularly the real estate sector, led to a notable decline in consumption. Additionally, the demand for Hastelloy in Japan is facing challenges, especially due to declining business confidence among manufacturers. Japan experienced the most significant price changes, with a 3% decrease from the previous quarter. The quarter-ending price for Hastelloy C-276 Ex Osaka in Japan stood at USD 84326/MT, reflecting the overall negative pricing environment. Despite seasonality and traditional off-season trends, the correlation in price changes across the region indicated a consistent decrease in market sentiment.
MEA
In Q3 2024, the Hastelloy pricing landscape in the MEA region witnessed a significant decline, with the United Arab Emirates experiencing the most notable price changes. Various factors contributed to this downturn, including subdued demand in key sectors like construction and automotive, cost pressures from the Asian market, and global market dynamics. Additionally, the ongoing challenges in the freight market due to geopolitical tensions and disruptions in trade routes added to the pricing pressures. The quarter recorded a substantial 6.6% decrease from the previous quarter, reflecting the challenging market conditions. Furthermore, the ongoing Red Sea crisis has created disruptions, adding further strain on demand for Hastelloy. Within the UAE, the pricing environment remained negative, with a 2.5% decrease in prices between the first and second half of the quarter. Despite efforts to stimulate demand and address supply chain issues, the market continued to face headwinds. The quarter concluded with the price of Hastelloy C-276 Ex Dubai in the United Arab Emirates standing at USD 44502/MT, underscoring the prevailing downward trend in pricing.
Hastelloy Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply Gap, Type, End-Use, Sales Channel, Regional Demand, Company Share, Manufacturing Process, 2015-2034
For the Quarter Ending June 2024
North America
In Q2 2024, the Hastelloy market in North America has experienced a substantial upward pricing trajectory, driven primarily by tight supply conditions and robust demand across various industry sectors. Key factors contributing to the price surge include a global shortage of raw materials, particularly iron ore, coupled with escalating costs of stainless and alloy steel scrap. The supply constraints were further exacerbated by logistical challenges and elevated freight costs, creating a bottleneck in inventory replenishment.
In the USA, the largest price changes were observed, with the Hastelloy market reflecting significant volatility due to increased input costs and heightened purchasing appetite. Seasonality played a critical role, with demand surging in the construction and automotive sectors, leading to an overall bullish market sentiment. The market also saw a notable impact from regulatory approvals for major mergers, such as the one between U.S. Steel Corporation and Nippon Steel Corporation, which bolstered confidence in future cooperation and industry stability.
Compared to the previous quarter of 2024, prices climbed by 5%, underscoring a persistent upward trend. Supply disruptions, including production issues at major mills like Acerinox and Outokumpu, further intensified the price pressures. Concluding the quarter, the price of Hastelloy B-3 DEL Florida in the USA stood at USD 103,350/MT, reflecting a positive pricing environment driven by a confluence of supply shortages, high demand, and strategic industry developments. This quarter has undeniably been characterized by a bullish outlook, heavily influenced by market dynamics and external economic factors.
Europe
The second quarter of 2024 has proven challenging for the European Hastelloy market, with a pronounced downward trajectory in prices. This declining trend stemmed from a significant gap between supply and demand, exacerbated by high availability due to geopolitical factors such as trading bans and increased metal imports. The market was further affected by economic deceleration and sluggishness in key industries like construction and automotive, which traditionally drive demand for Hastelloy. Contributing to the bearish market sentiment, a combination of declining freight charges, increased scrap availability, and reduced recycled metal values pressured prices downward.
Focusing on Germany, which witnessed the most significant price adjustments, the overall trend revealed heightened seasonality and a strong correlation between diminishing industrial activity and Hastelloy prices. The country's construction sector experienced a marked downturn, with order cancellations and reduced project commencements, negatively impacting demand. Concurrently, the automotive industry saw a sharp decline in new registrations, amplifying the downward pricing pressure. Compared to the previous quarter, prices fell by 3%, underscoring a steady negative trend.
Concluding the quarter, the price of Hastelloy B-2 Ex Werdohl in Germany stood at USD 94940/MT, reflecting a predominantly negative pricing environment throughout the period. This quarter saw no significant disruptions or plant shutdowns, further emphasizing the impact of market dynamics and economic factors on Hastelloy pricing.
APAC
In Q2 2024, Hastelloy pricing in the APAC region maintained a relatively stable trend. Market prices were influenced by a delicate balance between several factors. On the supply side, production constraints due to reduced working days and disruptions in key producing regions created an environment of controlled availability. Significant factors included the impact of extreme weather events, geopolitical tensions, and logistical challenges, which collectively tightened the market. Demand dynamics remained robust, driven by the manufacturing and automotive sectors, which experienced accelerated production growth and increased new orders. This demand strength was underpinned by rising inquiries and transactions in the downstream segment, notably for high-chromium and nickel components.
In Japan, Hastelloy prices saw the most significant changes within the region. Despite supply-side constraints, including reduced production days and logistical hurdles, demand persisted strongly due to Japan's thriving automotive and manufacturing sectors. The overall trend indicated a stable yet cautious market sentiment. Seasonal factors contributed to price stability, as the market adjusted to predictable fluctuations in demand.
The correlation in price changes reflected a balance between constrained supply and consistent demand, fostering a stable pricing environment. The percentage change from the previous quarter in 2024 was recorded at 3%, with no notable difference between the first and second half of the quarter. The latest quarter-ending price for Hastelloy B-2 Ex Osaka in Japan stood at USD 87970/MT, underscoring a stable pricing environment amidst a positive market sentiment. The absence of major plant shutdowns during the quarter further contributed to this stability.
MEA
During Q2 2024, the Hastelloy market in the MEA region experienced a notable downward trend. This quarter brought significant price reductions, largely driven by a confluence of supply-side constraints and fluctuating market dynamics. The quarter saw major disruptions, including operational issues in mines across Brazil and New Caledonia, compounding the already existing nickel shortages in Asia. Geopolitical tensions further exacerbated the situation, particularly due to ongoing sanctions impacting the flow of raw materials, including nickel, aluminium, and copper, from Russia. The Eid holiday period also contributed to reduced market activity, adding to the supply chain complexity. Shipping costs escalated due to prolonged transit times from the Red Sea crisis, further straining the market.
Focusing on the United Arab Emirates, which witnessed the most significant price changes, the Hastelloy market reflected a substantial decrease in prices. Seasonal factors, coupled with heightened input costs from rising fuel prices, contributed to a challenging pricing environment. Despite a surge in demand from the infrastructure and automotive sectors, inventory backlogs and supply chain disruptions tempered this uptick.
Compared to the previous quarter, prices in the UAE market dropped by 10%. Conclusively, the quarter-ending price for Hastelloy B-2 landed at USD 64,631/MT CFR Mina Jebel Ali in the UAE, reflecting a negative pricing sentiment throughout the quarter. The overarching trend indicates a market fraught with difficulties, with a predominantly negative pricing environment influenced by both global and local factors.
For the Quarter Ending March 2024
North America
In Q1 2024, the pricing environment for Hastelloy in the North America region was challenging, with market prices experiencing significant fluctuations. Several factors influenced the market prices during this quarter. One of the main factors was the oversupply of feedstock Nickel, which led to a decline in Hastelloy prices. The increased supply of Nickel was driven by global mining expansions, including the Minnesota Copper-Nickel Mining project, which saw increased activity. Additionally, cheaper imports from Chinese manufacturers prompted US Hastelloy industries to adjust their prices to remain competitive in international markets.
The demand for Hastelloy in the region was moderate, with a decline in downstream industries such as construction and automotive. The winter holidays and severe weather conditions further dampened demand during this period. Uncertainty surrounding government policies, interest rates, and the reduce sales of the electric vehicle sector also contributed to a decrease in demand.
In the USA specifically, the pricing environment for Hastelloy saw significant changes. The USA market demonstrated more resilience compared to Europe, but weak demand from international markets and cautious buyers impacted prices. Overall, the pricing environment for Hastelloy in Q1 2024 can be characterized as bearish, with high supply levels and low demand. The market experienced fluctuations due to factors such as oversupply of feedstock Nickel, cheaper imports, and uncertainties in the downstream industries. The latest quarter-ending price for Hastelloy B-3 DEL Florida in the USA was USD 98169/MT.
APAC
In Q1 2024, the pricing of Hastelloy in the APAC region experienced a mix of trends and influences. Overall, the market was stable, with some slight fluctuations in prices. However, Japan stood out with the maximum price changes. Several factors influenced the market prices of Hastelloy during this quarter. The global supply of Hastelloy remained sufficient, but there were concerns about oversupply and excess inventory levels. This was largely due to steady production despite lower demand, both domestically and internationally. Trade disruptions, such as attacks in the Red Sea route, further impacted the market, leading to uncertainties and cautious behaviour among buyers. In Japan specifically, the pricing environment for Hastelloy was volatile. The country experienced significant price changes, with prices fluctuating throughout the quarter. Various factors, such as reduced demand in downstream industries like automotive and manufacturing, played a role in the price decline. The suspension of production by Daihatsu, a Toyota subsidiary, also contributed to the downturn. Looking at the overall trends, there were no clear seasonality patterns observed in the pricing of Hastelloy during this quarter. By the end of the quarter, the latest price for Hastelloy B-2 Ex Osaka in Japan was recorded at USD 86678/MT. This marked the closing price for the quarter and reflected the overall pricing environment for Hastelloy in Japan. In conclusion, the pricing environment for Hastelloy in the APAC region during Q1 2024 was generally stable, with some fluctuations observed in Japan. Factors such as reduced demand, trade disruptions, and production suspensions influenced the market prices. Overall, the market faced challenges, but stability was maintained throughout the quarter.
Europe
In Q1 2024, the European Hastelloy market saw nuanced price fluctuations primarily driven by a complex interplay of supply chain disruptions and variable demand. January began with a notable rise in prices due to increased freight charges and escalated production costs, influenced by disruptions in nickel supply and Suez Canal trade routes. February experienced a slight increase, attributed to ongoing supply constraints spurred by industrial disputes and operational issues at key manufacturing sites such as Acerinox in Spain and Outokumpu in Finland. These challenges tightened inventory levels and extended lead times across Europe. The rising demand from infrastructure and construction projects further stressed the available stock, pushing prices upward. As March arrived, the trends from the earlier months persisted, with supply still struggling to meet the robust demand driven by recovering sectors like automotive and new energy projects. Throughout the quarter, the market wrestled with the challenge of ramping up production capacities against a backdrop of strained supply chains and escalating raw material costs, particularly nickel, essential for Hastelloy manufacturing. This period was marked by cautious optimism mixed with tangible challenges as stakeholders navigated through shortages and demand surges in a volatile market landscape. The quarter ended with stakeholders emphasizing the need for strategic actions to stabilize the market, including addressing supply chain disruptions and enhancing production capacities to cope with the rising demand and ensure the resilience of the European Hastelloy market.
MEA
The first quarter of 2024 has been challenging for the Hastelloy market in the MEA region. Overall, the market experienced a negative trend, with prices declining compared to the same quarter last year. Several factors influenced market prices during this period. In the United Arab Emirates (UAE), which saw the most significant price changes, Hastelloy prices experienced a decline. This decrease can be attributed to various factors, including global economic uncertainty and disruptions in the Red Sea route. Saipem's projection of decreased orders from Saudi Aramco also impacted demand for Hastelloy in the UAE spot market. Additionally, the construction sector in the UAE witnessed a downturn, leading to lower demand for Hastelloy and other stainless-steel products. However, there were positive developments in terms of capacity expansion and sustainability efforts by major players like Arabian Gulf Hastelloy Industries (AGSI) and Emirates Hastelloy Arkan. The pricing trend for Hastelloy in the UAE followed a bearish pattern, with supply levels remaining high and demand levels low. This trend was consistent with the overall market sentiment in the MEA region. Looking at the price changes within the quarter, there was a slight decrease in prices from the previous quarter. However, it is important to note that the market experienced a seasonal slowdown in the latter part of the quarter, resulting in limited trading volumes. In conclusion, the pricing environment for Hastelloy in the MEA region, particularly in the UAE, has been negative and unstable during the first quarter of 2024. Factors such as economic uncertainty, disruptions in trade routes, and a downturn in the construction sector have contributed to the decline in prices.
For the Quarter Ending December 2023
North America
In the North American region, the market for Hastelloy in the fourth quarter of 2023 saw a significant decline in price trends and was characterized by various factors that influenced pricing dynamics. Firstly, In October, US Hastelloy prices surged due to heightened demand from the chemical and automotive sectors, exacerbated by a limited supply of steel scraps and Nickel feedstock. Strong economic indicators, including increased bond yields and a robust ISM industrial index, characterized the US economy.
November saw a decline in Hastelloy prices, attributed to elevated production rates and reduced consumption from downstream industries. Outokumpu's production expansion and surpluses in feedstock contributed to the shift. December witnessed continued low Hastelloy prices due to increased inventory levels and reduced downstream demand. Global Nickel mining grew, fueled by an uptick in feedstock supply and progress in the Minnesota Copper-Nickel Mining project.
Cheaper Chinese imports prompted US Hastelloy industries to adjust investments, impacting domestic prices. Winter holidays, severe weather, and uncertainty in government policies and the electric vehicle sector led to diminished demand in the US spot market. The price of Hastelloy C-276 DEL Florida in the USA at the end of the quarter was USD 57731/MT.
Asia-Pacific
In the APAC region, the Hastelloy market in Q4 2023 declined amidst several key factors indicating a pessimistic market sentiment. Firstly, In October, Hastelloy prices in the Japanese spot market declined due to sluggish demand from domestic Automotive and Chemical sectors, while metallurgical coke prices in India and China increased. Stable material supply supported local Automotive manufacturing growth, driven by strong demand from Japanese automakers. Rising prices for non-coking coal and global energy price hikes boosted demand for Hybrid and electric vehicles. In November, Hastelloy prices dropped amid increased supply and reduced end-use demand. Japanese steelmakers invested in new technologies, contributing to a surplus supply of Hastelloy. China's Ministry of Commerce re-investigated anti-dumping measures, and competition from neighboring nations intensified. In December, Hastelloy prices continued to decline due to lower trading rates, oversupply in Japanese warehouses, and damping overseas demand. Stainless Steel exports dropped, influenced by disruptions in the Red Sea route and reduced demand in downstream industries. Challenges persisted, with a decline in Japan's industrial output, factory shutdowns, and overall trade disruptions impacting the steel industry. The latest price for Hastelloy C-276 Ex Osaka, Japan in Q4 2023 is USD 65164/MT.
Europe
In the fourth quarter of 2023, the Hastelloy market in Europe showed a slight inclining price trend due to several factors. Firstly, In October 2023, the German spot market experienced a surge in Hastelloy prices driven by increased demand from the automotive and chemical sectors, exacerbated by a decrease in raw material supply. Production rates declined, affecting global and domestic inventory levels for steel scrap and Nickel pig iron. Challenges with the EU Carbon Border Tax prompted EU steelmakers to reinforce the export ban on EU ferrous scrap, raising concerns about future availability. In November, Hastelloy prices declined due to reduced demand and oversupply. Global manufacturers, led by Nornickel, maintained a competitive edge in supplying Nickel. Downstream battery industries' reduced consumption increased domestic inventory levels. Diminishing production costs contributed to the fall in Hastelloy prices. Climate change protests affected the Australian coal sector, while wind power was projected to surpass coal in electricity generation by 2026. By the end of 2023, Hastelloy prices continued to decline due to excess supply and reduced demand. Concerns over escalating production costs led to an extended production pause by Arvedi Acciai Speciali Terni. The establishment of ArcelorMittal's Torero plant in Belgium mitigated carbon emissions, while the withdrawal of German government subsidies for electric vehicles in December impacted EV sales and the Hastelloy sector. The latest price for Hastelloy B-2 Ex Werdohl in Germany in the fourth quarter of 2023 is USD 96630/MT.
MEA
In the fourth quarter of 2023, the Hastelloy market in the Middle East region experienced stability in price, showing a slightly declining performance throughout the quarter. In November, Hastelloy prices in the UAE spot market experienced a decline due to reduced import costs from the Asian market, driven by lower domestic demand. The country extended its export ban on steel and stainless-steel scrap until December 2023, emphasizing the importance of waste in stainless-steel production. The global stainless-steel scrap market's strategic significance was highlighted, despite the UAE's smaller tonnage compared to the EU. The decline in Hastelloy prices continued in November due to lower downstream demand and surplus local supply, influenced by decreasing feedstock Nickel and Stainless-Steel scrap prices. Australian coal prices dropped due to increased production but faced challenges with shipping disruptions from a climate change protest at the Port of Newcastle. Wind power is expected to surpass coal in electricity generation by 2026. In December, Hastelloy prices stabilized with sufficient supply and firm demand from the construction and automotive industries. Trade disruptions in the Red Sea route raised concerns, impacting imports. Despite uncertain trade rates, the construction and automotive sectors in the UAE and the Middle East maintained solid demand. The COP28 meeting in December indicated a growing interest in electric vehicles, and anticipated construction projects are expected to drive Hastelloy demand in the UAE spot market until 2025. The UAE experienced fluctuations in prices but ended the quarter with a price of USD 51108/MT for Hastelloy C-276 Ex Dubai.