Stainless Steel surcharges for April increase
European stainless steel surcharges increased significantly for April delivery . The increases where widely forecast throughout the industry with nickel breaking through $22,000 per tonne on the LME. The biggest rise is for grade 316/1.4404 which has risen over 385 Euro per tonne. In recent weeks LME stocks of Nickel have declined and the demand for stainless steel has increased led by China. The combination of greater demand for stainless steel and delayed mining projects during last years slump in stainless demand have contributed to the increased prices. In recent weeks many traders have been buying any surplus material anticipating increases and mill lead times have now been extended.
A snapshot of the surcharges announced today are listed below:-
1.4301 (304) 1416 EUR /1271 GBP
1.4404 (316) 2347 EUR / 2107 GBP
1.4016 (430) 298 EUR / 268 GBP