25 July 2024 – The price trend for stainless steel scrap continues to rise. Asian stainless steel futures rise by 1.8%. China initiates review procedure for anti-dumping measure. And Turkey imports more stainless steel again.
Stainless steel scrap price trend continues to rise
The proportion of stainless steel scrap in the production of stainless steel in the western industrialised nations, especially Europe and the United States, has been more than 83% since 2019 and has risen even further since then. In Europe in particular, the proportion of stainless steel scrap in the EAF has probably now exceeded 90%. This can be clearly seen from the EU import and export statistics for scrap and ferronickel in relation to stainless crude steel production.
Clear trend in the U.S. Stainless and Other Alloy Scrap Price Index
In the United States, the Stainless and Other Alloy Scrap Price Index has also shown a clear upward trend for several years, which is probably due to the increased demand for and limited availability of stainless steel scrap, among other things.
Stainless steel scrap prices at record levels for months
The prices of more than USD 1,550 (approx. EUR 1,440) for a metric tonne of stainless steel scrap in the second quarter of 2024, which were recently announced by an EU stainless steel producer, not only show that prices remain high, but also clearly demonstrate the limited availability of this important recycling raw material in Europe.
With the growing global demand for scrap in steel and stainless steel production, this trend is likely to continue and is unlikely to be reversed any time soon.
SHFE stainless steel futures up
Since last Friday, stainless steel futures on the SHFE have recorded further gains. Overall, prices for the most heavily traded contract (2409) rose by around 1.8%.
China initiates anti-dumping review against stainless steel
The Chinese Ministry of Commerce has announced that it will initiate a review of anti-dumping measures against stainless steel slabs and hot-rolled stainless steel sheets and coils imported from the European Union (EU), the United Kingdom (UK), South Korea and Indonesia.
Existing anti-dumping measures against Japanese stainless steel, on the other hand, are not to be extended any further.
Turkey imports more stainless steel again
Turkey imported around 1% more stainless steel from January to May 2024 compared to the previous year, according to a recent report by the Turkish Statistical Institute (TUIK).
Latest news
- After flooding: Aluminium in Europe is becoming scarce
- SIMBARA: Indonesia launches nickel and tin online tracking system
- Chinese aluminum production at highest level since 2014 – Stainless Espresso
We at the Gerber Group have been trading in stainless steel worldwide for over 20 years. We are your experts when it comes to purchasing, import, logistics and services. Information is a vital part of this. Because only then can you and we make the right decisions. Do you have any questions? Contact us now.
Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
