The critical raw materials that affect the price of stainless steel are nickel and scrap.

The European Union (EU) is the world’s largest exporter of scrap, and the EU’s decision to ban the export of scrap will affect the price of scrap. On the other hand, nickel, which also affects the price of stainless steel, has a tight supply of ferronickel due to Indonesian policies.

In addition, the surge in demand for electric vehicle batteries has led to a sharp drop in refined nickel inventories, which has also caused international nickel prices to rise recently.

Therefore, with the support of raw materials such as scrap, ferronickel, and refined nickel, the price of stainless steel in the market will tend to hike.