The trend of nickel prices generally has a direct influence on the trend of stainless steel offers. The price trends for both nickel and stainless steel in 2013 reflect this tendency. Meanwhile, of course, demand levels for stainless steel products also exert an influence on stainless prices.
The upward trend of global nickel prices toward late December increased expectations for stainless steel price increases in January. However, with the decreases recorded in the last week of December, nickel prices at the London Metal Exchange (LME) declined to $13,970mt for cash settlements as of December 31.
As nickel prices have failed to reach anticipated levels, European stainless steel mills have cut their alloy surcharges for January. Meanwhile, Chinese steel giant Baosteel has reduced its domestic stainless steel list prices for January orders. On the other hand, Taiwan-based steel mill YUSCO has increased its local and export prices for January orders.
The trend of stainless steel product transaction prices in the global markets in January, amid the different strategies adopted by producers, will gain clarity in the coming weeks in line with actual demand levels.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.