In the first and second quarters of 2023, the stainless steel (304) market in Asia experienced consistent price declines. The initial part of the first quarter was marked by rising inventories due to decreased demand from downstream industries. While manufacturing activities picked up in China, sluggish domestic and international markets hindered procurement rates.
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In Europe, lower imports and increased inquiries supported prices in the first quarter, but consumption and customer interest remained low. The second quarter briefly saw price increases driven by rising material costs and improved automotive conditions but was followed by price decreases due to low-cost imports and global economic uncertainty. In North America, prices were stable in the first quarter but declined in the second quarter due to recessionary pressures, inventory increases, and reduced buyer interest in the sector. High raw material costs only briefly supported the market in the second quarter before various challenges caused stainless steel (304) prices to fall.
Definition
Stainless steel 304 is a corrosion-resistant alloy composed mainly of iron, chromium (18-20%), and nickel (8-10%). It is known for its excellent corrosion resistance, making it suitable for various applications, particularly in environments prone to moisture and corrosion. Stainless steel 304 exhibits high strength, durability, and a smooth, attractive finish. It is non-reactive with food and beverages, making it commonly used in kitchen appliances and food processing equipment. Additionally, its versatility and resistance to rust and staining make it a popular choice in industries such as construction, architecture, and automotive manufacturing.
Key Details About the Stainless Steel (304) Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Stainless Steel (304) in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Stainless Steel (304) Price chart, including India Stainless Steel (304) price, USA Stainless Steel (304) price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Stainless Steel (304) Price Trend:
Stainless steel 304 is widely employed across diverse industrial sectors due to its exceptional properties. Its corrosion resistance and durability make it a prime choice for applications in the food and beverage industry, where it’s used for equipment like tanks, pipes, and food processing machinery. In construction and architecture, stainless steel 304 is favored for its aesthetic appeal, strength, and resistance to harsh weather conditions, finding use in building facades, roofing, and structural components. Its non-reactive nature also makes it prevalent in the pharmaceutical and medical fields for manufacturing surgical instruments and medical devices. Additionally, it is utilized in automotive components, chemical processing, and more, owing to its versatility and reliability.
Key Players:
- Acerinox S.A.
- Aperam Stainless
- ArcelorMittal
- Baosteel Group
- Jindal Stainless
- Nippon Steel Corporation
- POSCO
- ThyssenKrupp Stainless GbH
- Yieh United Steel Crop
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