Steel research group MEPS noted that global stainless steel prices continued to strengthen in early March, especially the series 300 coil and sheet.

This upward trend was supported by strong demand, serious material shortages, and extended delivery lead times for replacement tonnages. Coupled with strong raw material costs, prices for these products have risen to multi-year highs in Asia, Europe, and the US.

The fundamentals of the nickel market are now bringing the price of the metal down to more sustainable levels. Nevertheless, the medium-term outlook for nickel remained positive and a collapse in prices was not expected.

Therefore, it was expected that the stainless steel coil and sheet trading prices in all regions will maintain a high level in the near future, and the stainless steel market was expected to be tight with strong demand.