Prices for Stainless Steel Sheets, Stainless Steel Pipes, Stainless Steel Round Bar Products
An increase in nickel prices, along with steel prices, iron prices and scrap prices across the globe has resulted in an increase in price for stainless steel products in all forms including stainless steel flat and long products. Nickel prices have increased to around US$11,500 in August 2017 from around US$9100 in the month of May 2017. Since nickel is the a key raw material used in the manufacture of stainless steel 300 series grades, a rise in nickel price has a direct impact on the finished stainless steel prices.
Stainless steel mills in India, China, Taiwan, Europe and America have increased their prices for current bookings, in response to an increase in nickel and other raw materials prices. Purchasing activity from stockholders also picked up in the month of August, in line with expectations of further increase in demand and prices.
Nickel Prices face immediate resistance from previous high of US$12132 made on 11th November 2016. At the same time there is a very strong support now at US$10,700-10,800/MT. Nickel prices have largely increased on account of “expectations” demand growth and lower supply. Nickel has also been largely supported by strength in the Euro and rally in copper prices, against a weakening US dollar. Daily close for 2-3 days above $12,000 levels could send the nickel soaring to $13,000 levels soon. For now it is wait and watch for us.