For the Quarter Ending September 2024
North America
In Q3 2024, the North American Stainless Steel Round Bar market remained stable, with prices showing little fluctuation. Additionally, Various factors influenced market prices during this period. Additionally, supply remained consistent, with adequate availability of Stainless Steel Round Bar. Moreover, Demand held steady, supported by ongoing economic activities and manufacturing trends. While global economic uncertainties persisted, the market in North America remained resilient, maintaining a balanced pricing environment.
The USA, experiencing the most significant price changes within the domestic market, saw a marginal decrease compared to the same quarter last year. Furthermore, Overall trends indicated a stable pricing landscape, with minimal movement recorded from the previous quarter. Additionally, Seasonality and correlation in price changes were notable, reflecting a consistent market sentiment. Despite challenges such as supply chain disruptions, the market maintained its stability.
As the quarter concluded, the price for Stainless Steel Round Bar (25 mm) DEL Philadelphia in the USA stood at USD 6373/MT, indicating a steady pricing environment throughout Q3 2024.
Europe
In Q3 2024, the European Stainless Steel Round Bar market remained stable, with prices showing no significant fluctuations. Various factors influenced market prices during this period, including global economic uncertainties, steady demand from industrial sectors, and efforts by producers to adjust to changing market conditions. The market was characterized by moderate supply levels and moderate demand, with no major disruptions reported.
Germany experienced the most significant price changes in the region, with prices remaining relatively steady compared to the same quarter last year. The quarter recorded a reflecting a consistent pricing trend due to demand and supply remain balanced. Overall trends indicated a stable pricing environment, with no drastic shifts in market dynamics. Additionally, the German economy faces some challenges, with operational difficulties affecting the industry. Furthermore, despite these challenges prices of Stainless-Steel Round Bar remain stable in German market.
The quarter-ending price for SS 304 Round Bar (25 mm) Ex Ruhr in Germany was USD 3876/MT, underscoring the stable pricing sentiment observed throughout the quarter.
APAC
In Q3 2024, the APAC region experienced a challenging period for Stainless Steel Round Bar pricing, marked by decreasing prices. Several significant factors influenced market prices, including oversupply, weak demand, and economic uncertainties. High supply levels, particularly from China, created a competitive environment, leading to price declines. The global economic slowdown, especially in the manufacturing and services sectors, contributed to dampened demand, further pressuring prices downwards.
China, as a key player, witnessed the most significant price changes, with stainless steel facing bearish conditions and substantial discounts due to oversupply. Despite these challenges, the market remained stable, with prices showing a consistent decrease throughout the quarter. The quarter saw a price comparison between the first and second half, resulting in a slight decline of 1%.
The quarter-ending price for SS 304 Round Bar (50 mm) Ex Dainan in China stood at USD 2271/MT, reflecting the prevailing negative sentiment in the pricing environment. Disruptions in plant operations were minimal during the quarter.
For the Quarter Ending June 2024
North America
In Q2 2024, the Stainless Steel Round Bar market demonstrated stable pricing in North America, driven by various market dynamics. Factors such as supply consistency, moderate-to-high demand, and regulatory influences played pivotal roles in maintaining price stability. The market's ability to adapt to changing raw material costs, particularly nickel, and efficient production strategies were significant contributors. The lack of major plant shutdowns or disruptions ensured a steady supply chain, bolstering market equilibrium.
In the USA, where the most notable price changes occurred, the quarter experienced a stable pricing environment. This stability was influenced by balanced supply-demand conditions and consistent manufacturing output. The quarter's overall trends showed resilience against global economic uncertainties, with the steel market benefiting from steady automotive and construction sector demands. Seasonality impacts were minimal, reflecting a balanced market devoid of extreme fluctuations.
Comparing Q2 2024 to the previous quarter, the market saw a -7% price change. However, the price comparison between the first and second half of the quarter indicated no significant variation. The quarter concluded with a price of USD 6405/MT for SS 304 Round Bar (25 mm) DEL Philadelphia in the USA.
Overall, the stable pricing environment suggests a balanced market sentiment, with neither overly positive nor negative influences dominating the quarter. The consistent supply and demand, coupled with strategic market adjustments, ensured a stable pricing trajectory throughout Q2 2024.
Europe
In Q2 2024, the European Stainless Steel Round Bar market experienced a robust price surge, driven by multiple complex factors. Elevated inflation rates, regulatory shifts, and fluctuating energy costs profoundly influenced market dynamics. The introduction of the EU Critical Raw Materials Act (CRMA) played a pivotal role, setting stringent benchmarks for domestic production and processing capacities, aiming to reduce the reliance on non-EU sources. Concurrently, substantial increases in nickel and molybdenum prices escalated alloy surcharges, contributing to rising stainless steel costs. Market sentiment was further influenced by the European Central Bank’s interest rate cut aimed at stimulating economic confidence, although it was partially offset by heightened shipping costs due to geopolitical tensions impacting major maritime routes.
Germany witnessed the most significant price changes in the quarter, with stainless steel prices reflecting an upward trend. The automotive sector's resurgence, evidenced by a notable rise in new car registrations, bolstered demand. However, the broader manufacturing sector exhibited mixed signals, with a deceleration in some areas. Despite the ongoing challenges, the overall pricing environment remained positive, characterized by a 0.7% price increase in the second quarter as compared to the first.
No major plant shutdowns disrupted the market during this period, maintaining a steady supply flow. The quarter's closing price for SS 304 Round Bar (25 mm) Ex Ruhr in Germany stood at USD 3838/MT, reflecting a consistent upward trajectory and robust market confidence.
APAC
In Q2 2024, the pricing environment for Stainless Steel Round Bar in the APAC region has been predominantly stable. Several significant factors have contributed to this stability. Primary among them is the delicate balance between supply and demand, maintained by consistent production rates without major disruptions or plant shutdowns. The automotive and construction sectors have exhibited moderate but steady demand, counterbalancing any potential downtrends from seasonal slowdowns. Furthermore, steady raw material costs, especially for nickel, have prevented significant price volatility.
Focusing on China, which has experienced the most notable price changes, the market trends reveal a nuanced picture. The overall trends indicate a stable market with a slight upward trajectory in prices driven by high production costs and tight nickel pig iron (NPI) supply. Seasonality played a critical role, with post-holiday slowdowns followed by a gradual recovery in demand. The correlation in price changes reflects a market adjusting to internal and external pressures, including global economic conditions and domestic stimulus measures.
Comparing the first and second halves of the quarter, prices remained stable with no significant variation. The percentage change from the previous quarter in 2024 was recorded at 2%, underscoring the marginal increase. The latest quarter-ending price for SS 304 Round Bar (50 mm) Ex Dainan in China stands at USD 2289/MT, reflecting a stable pricing environment. This period has been characterized by positive sentiment, showcasing the sector's resilience amidst fluctuating global market dynamics.
For the Quarter Ending March 2024
North America
In Q1 2024, the North American market for Stainless Steel Round Bars experienced a challenging pricing environment, driven by various factors. The region saw a decline in prices compared to the same quarter last year, primarily due to reduced demand from downstream industries and a drop in nickel prices. The oversupply of nickel feedstock in regional warehouses and surplus inventories contributed to the downward pressure on prices.
The availability of Stainless-Steel Round Bars increased, thanks to sustained mill production and a global expansion of nickel mining projects. However, demand from downstream sectors, such as construction and automotive, decreased, leading to a low demand environment. Severe winter weather and uncertainties surrounding government policies and the electric vehicle sector further dampened demand.
The quarter saw a moderate supply of Stainless-Steel Round Bars in the USA, with manufacturing plants maintaining steady production levels. Major market players entered into agreements to support the global expansion of nickel mining projects, leading to an increase in nickel supply. However, the appeal of more cost-effective imports from China prompted domestic industries to shift investments, impacting the domestic supply. Looking at price trends, there was a decline in prices from the previous quarter, reflecting the bearish market sentiment. However, the price comparison between the first and second half of the quarter was not available. The quarter-ending price for SS 304 Round Bar (25 mm) DEL Philadelphia in the USA was USD 6536/MT. Overall, the pricing environment for Stainless Steel Round Bars in Q1 2024 in North America was negative, with prices experiencing a notable decline due to reduced demand and an oversupply of nickel feedstock.
APAC
The APAC region's Stainless Steel Round Bar market in Q1 2024 experienced a stable pricing environment overall, with slight fluctuations observed in China. Several factors influenced market prices during this quarter. In China, a modest increase in demand from the construction and housing sectors, driven by the gradual recovery of these industries, contributed to a slight uptick in Stainless Steel Round Bar prices. However, caution among buyers persisted due to uncertain market sentiments and a contraction in Chinese manufacturing activity. Maintenance shutdowns during the Lunar New Year holiday period led to a minor tightening of supply in the Chinese spot market, impacting production levels and contributing to a decrease in supply. Globally, tensions in the Red Sea region led to disruption in sea freight costs, posing challenges to trade activities. Additionally, a shift in consumer spending patterns from goods to services in Europe and the United States influenced imports and trade dynamics. Despite these challenges, the market sentiment remained stable. In China, the price of Stainless-Steel Round Bar showed a slight decline in Q1 2024. Factors such as global oversupply of Nickel feedstock, intensified competition from Chinese manufacturers, and disruptions in trade routes contributed to the price decrease. Overall, the pricing environment for Stainless Steel Round Bar in the APAC region during Q1 2024 can be characterized as stable, with slight fluctuations in China. The quarter-ending price for SS 304 Round Bar (50 mm) Ex Dainan in China was USD 2257/MT.
Europe
In Q1 2024, the European Stainless Steel Round Bar market experienced a downturn, with prices declining in Germany, the largest market in the region. This decline was primarily driven by subdued demand from downstream industries and prevailing market uncertainties. The construction and automotive sectors faced reduced demand, leading to an oversupply situation in the market. Disruptions in production, such as strikes at major mills in Spain and Finland, further exacerbated supply constraints. The availability of raw materials, such as nickel and steel scrap, also contributed to the oversupply and lower production costs. These factors, combined with anticipation of a recession in key economies like Germany, dampened orders and added to industry challenges. Increased interest rates and construction costs further compounded the situation. The overall outlook for the European Stainless Steel Round Bar market in Q1 2024 was grim, with weakening demand and production hurdles. The market sentiment was bearish, and supply was high while demand remained low. Oversupply, reduced demand, and production disruptions were the key factors driving this decline. The market sentiment remained stable, with moderate supply and demand. Overall, the pricing environment for Stainless Steel Round Bars in Q1 2024 was negative, with declining prices and a challenging market outlook. The latest quarter-ending price for SS 304 Round Bar (25 mm) Ex Ruhr in Germany was USD 3718/MT.
For the Quarter Ending December 2023
North America
In the North American region, the fourth quarter of 2023 was challenging for the Stainless-Steel Round Bar market. In October 2023, high prices persisted in the US stainless-steel Round Bar market, fueled by increased demand from the chemical and automotive sectors, compounded by limited upstream material supplies. US bond yields rose, reflecting a robust economy. In November, despite a rise in Bund yields driven by strong US economic data, an agreement on the steel dispute between the EU and the US was elusive.
November saw a decline in US stainless-steel Round Bar prices due to increased production and reduced consumption, with Outokumpu's expansion plans adding to supply. Surpluses in feedstock and lower production costs influenced the market. December witnessed further price declines amid increased inventory and reduced demand. The Nickel mining industry globally grew, driven by improved feedstock supply, while US stainless steel producers shifted investments to China for competitiveness.
Winter holidays, severe weather, and market uncertainties contributed to subdued demand in the US spot market. The latest prices of Stainless-Steel Round Bar (25 mm) DEL Philadelphia in the USA at the quarter ending December 2023 was USD 7586/MT. This price reflects the market conditions and the challenges faced during the quarter.
Asia-Pacific
In the APAC region, the fourth quarter of 2023 for Stainless Steel Round Bars witnessed a declining price trend amidst various factors that influenced the market and prices. Firstly, In October 2023, Chinese Stainless-Steel Round Bar prices saw a decline, influenced by a shift in international demand towards the southern direction. Anti-dumping duties in the US and Europe on Chinese imports, uncertainty about Steel scrap and Nickel availability in China, and a scarcity of steel scrap led to this trend. World Steel predicted a 7.7% growth in steel demand, depleting Chinese iron ore stocks to a 7-year low. In the latter part of the quarter, Stainless-Steel Round Bar prices fell due to increased Nickel supply and reduced consumption, with recycled materials proving cost-effective. December 2023 witnessed price stability in the Chinese Stainless-Steel Round Bar market despite decreased demand globally. Unfavorable weather conditions impacted construction and manufacturing, resulting in a surplus Stainless-Steel Round Bar supply. The global Nickel supply increased, influenced by mining expansions and the IPO of Tsingshan Holding Group's battery subsidiary. An explosion at a Nickel plant in Sulawesi, China, raised concerns. High-grade NPI production became more cost-effective, causing surplus inventory. Lowered demand during holidays and disruptions in the Red Sea route affected China's Stainless Steel Round Bar consumption, with future trends contingent on trade and macroeconomic factors. In terms of price trends, the latest price of SS 304 Round Bar (50 mm) Ex Dainan in China for the last quarter is USD 2237/MT.
Europe
In the fourth quarter of 2023, the European stainless steel Round Bar market experienced a challenging period. Initially, in October 2023, the German spot market experienced a surge in Stainless Steel Round Bar prices due to increased demand from the automotive and chemical sectors, coupled with a decrease in raw material supply. Global and domestic inventory levels for steel scrap and Nickel pig iron decreased as production rates declined. The EU Carbon Border Tax faced initial challenges, leading EU steelmakers to advocate for an export ban on EU ferrous scrap. Claims of circumvention against stainless steel products from Turkey, Taiwan, and Vietnam were considered weak, reflecting uncertainties surrounding the Carbon Border Adjustment Mechanism. In contrast, by the conclusion of 2023, the German spot market witnessed a noticeable decrease in Stainless-Steel Round Bar prices due to oversupply and reduced demand from domestic downstream industries. Production costs and manufacturing demand concerns prompted a production pause by Arvedi Acciai Speciali Terni. The dependence on biogas and natural gas led to ArcelorMittal's Torero plant in Belgium, addressing carbon emissions by converting waste wood into bio-coal. The latest price for Stainless Steel Round Bar (25 mm) Ex Ruhr in Germany for the last quarter is USD 3963/MT.
