It was inevitable that stainless steel producers would raise their prices for 300 series products given the considerable rises recorded by nickel prices during the month of April. South Korean mill POSCO and Taiwan-based YUSCO have increased their domestic and export stainless steel prices for May after Chinese producers increased their prices in mid-April.
In addition, major stainless steel producers in Europe like Outokumpu, Aperam and Acciai Speciali Terni have increased their alloy surcharges for May as compared to the previous month.
Market sources report that, besides nickel prices, South African ferrochrome suppliers have increased their ferrochrome prices to European stainless steel producers for the second quarter. Furthermore, Chinese molybdenum ore and ferromolybdenum prices have been increasing since last week. Stainless steel prices may maintain their upward trend as raw material prices continue to increase.
Prices in the Turkish stainless steel market have remained firm after last week's price increase, while ex-China and ex-Taiwan 304/2B stainless steel 2 mm cold rolled coil (CRC) offers have remained unchanged and are still in the range of $2,500-2,600/mt CIF.