During the initial half of 2023, the Asian stainless steel (304) market witnessed a consistent downward trend in prices. The first quarter began with a surge in inventories as demand dwindled in downstream industries. Although manufacturing in China picked up, sluggish domestic and international markets restrained procurement rates.
In Europe, prices found some support in the first quarter from decreased imports and heightened inquiries, yet overall consumption and customer engagement remained subdued. Brief price hikes in the second quarter were propelled by increased material costs and improved conditions in the automotive sector. However, subsequent price drops ensued due to the influx of low-cost imports and global economic uncertainties.
Request for Real-Time Stainless Steel (304) Prices: https://www.procurementresource.com/resource-center/stainless-steel-304-price-trends/pricerequest
In North America, prices held steady in the initial quarter but declined in the subsequent one due to recessionary pressures, swelling inventories, and reduced buyer interest in the industry. Despite a brief boost from high raw material costs in the second quarter, various challenges led to a decline in stainless steel (304) prices.
Definition
Stainless steel 304 is a corrosion-resistant alloy composed mainly of iron, chromium (18-20%), and nickel (8-10%). It is known for its excellent corrosion resistance, making it suitable for various applications, particularly in environments prone to moisture and corrosion. Stainless steel 304 exhibits high strength, durability, and a smooth, attractive finish. It is non-reactive with food and beverages, making it commonly used in kitchen appliances and food processing equipment. Additionally, its versatility and resistance to rust and staining make it a popular choice in industries such as construction, architecture, and automotive manufacturing.
Key Details About the Stainless Steel (304) Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Stainless Steel (304) in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Stainless Steel (304) Price forecast, including India Stainless Steel (304) price, USA Stainless Steel (304) price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Stainless Steel (304) Price Trend:
Stainless steel 304 boasts exceptional properties, making it a go-to material in various industries. Its resistance to corrosion and durability make it a top choice in the food and beverage sector, where it's utilized for equipment such as tanks, pipes, and food processing machinery. Its aesthetic appeal, strength, and ability to withstand harsh weather conditions also make it a preferred option in construction and architecture, often seen in building facades, roofing, and structural elements. Its inert nature makes it a prevalent choice in pharmaceuticals and medicine for crafting surgical tools and medical devices. Moreover, its versatility and reliability extend its use to automotive parts, chemical processing, and beyond.
Key Players:
- Acerinox S.A.
- Aperam Stainless
- ArcelorMittal
- Baosteel Group
- Jindal Stainless
- Nippon Steel Corporation
- POSCO
- ThyssenKrupp Stainless GbH
- Yieh United Steel Crop
About Us:
Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients with up-to-date and pioneering practices in the industry to understand procurement methods, supply chains, and industry trends so that they can build strategies to achieve maximum growth.
Contact Us:
Company Name: Procurement Resource
Contact Person: Christeen Johnson
Email: [email protected]
Toll Free Number: USA & Canada - Phone no: +1 307 363 1045 | UK - Phone no: +44 7537 132103 | Asia-Pacific (APAC) - Phone no: +91 1203185500
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Comments
0 comment