Stainless steel scrap price trend continues to rise

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.

tainless 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).

Courtesy : https://steelnews.biz/