According to comprehensive foreign media reports, the monthly metal index of North American stainless steel fell by 1.9% in October.
01 Increase in Base Price and Surcharges
North American Stainless Steel (NAS) has increased 304, 304L, and 316L from October 1, and the discount has been reduced by two percentage points. For 304, this is an increase of approximately $0.0350/lb.
North American Stainless (NAS) has increased the 430 and other 200 and 300 series by reducing the discount by 3 points. Non-430 ferrite will increase by 0.04 USD/lb, which makes the total increase in 2021 USD 0.31/lb.
In addition, alloy surcharges increased in October. North American Stainless Steel (NAS) 304 alloy surcharge in October was 1.0641 US dollars/lb, a decrease of 0.0038 US dollars/lb from September.
02 Import from America
Data from the US Census Bureau from July to August showed that US stainless steel imports fell from US$343.6 million to US$320.5 million, a decline of 6.7%.
Although imports of most forms of stainless steel fell, imports of wire rods almost doubled. Imports during the same period amounted to 4.4 million U.S. dollars, an increase of 57.6%.
Stainless steel wire rod is mainly used to make stainless steel wire. Because of its non-corrosiveness, it has a wide range of uses. Stainless steel wire is used in household appliances in the form of springs and nets. It is also used in food processing products, automobiles, aerospace, and medical equipment.
03 Nickel Prices Fall
China’s electricity curtailment measures and the Evergrande crisis are currently affecting the prices of most precious metals.
LME nickel prices have been declining since mid-September, leading to power outages in stainless steel plants across the country, and a sharp drop in steel mill output and the overall level of durable goods manufacturing.
In addition, nickel demand is also threatened by the real estate crisis-nickel is mainly used in stainless steel manufacturing and widely used in the construction industry.
04 Metal Price Trends
The Allegheny 304 stainless steel surcharge in the United States fell 3.6% this month from the previous month to $1.07 per pound. At the same time, its 316 surcharges was reduced to $1.57 per pound.