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European stainless steel prices to increase further

11 May 2021 15:34 reported by Claude Tseng

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The LME nickel price increased to the US$18,000/ton level and China cancelled the export tax rebate for stainless steel products on May 1. Stimulated by the above factors, European stainless steel plates rose sharply in early May. In addition, the stainless steel product supply is in serious shortage and many steel mills' delivery postponed.

The 304 stainless steel cold-rolled coils in the Northern Europe domestic market had a weekly increase of 200 euros. Asia is an important source of European stainless steel supply. The North European import price of Asian stainless steel cold coils is 150 euros higher than the price in early April.

The current rise is because the supply cannot keep up with demand. It was expected that European stainless steel prices will continue going up in the future.

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