Stainless Steel Price Forecast Report 2024-2025 | Price Trend, Latest Prices, Market Analysis, News, Chart, Demand, Extensive Forecast, Historical and Forecast Data

Stainless Steel Price Forecast

The pricing outlook for stainless steel exhibits sluggishness for the year 2024. Globally, the oversupply in stainless steel and its feedstock iron ore industries is pressurizing the trend. The Indian market projects a better demand trajectory; however, the global sluggishness is pulling down the pricing forecasts in the Indian stainless steel market as well.

Market Dynamics

The recent market dynamics look a little riddled for stainless steel markets across the world. In the Indian market, the stainless steel grades 304, 316, and 321 all observed a little cut down in market prices during the first quarter of the year 2024. Post-election consumption of steel in the country looks promising; however, recently, the demands have been subtle during the voting phase in the country.  Thereby, the stainless-steel market in India is undergoing fluctuations, primarily attributed to a decline in demand for finished materials, an abundant supply, and a slight uptick in futures.

The stainless-steel industry in India is experiencing stable to low prices and longer delivery times, with lead times extending from the previous three to four weeks to a minimum of eight weeks. These challenges are hindering the recovery of domestic production, worsening the industry's difficulties. The conclusion of the financial year in India also yielded uncertainties for the stainless steel market outlook since the heavy investments in the infrastructure and construction projects took a little pause.

Annual Outlook for the Stainless Steel Industry

The annual outlook for the stainless steel market in India is showcasing borderline stagnancy in trend with occasional ups and downs. The domestic consumption forecasts are looking supportive; however, the international markets are limiting the pricing outlook. Steel Authority of India (SAIL) reported a slight decrease in profit for the quarter ending March '24, with a nearly 3% drop compared to the previous year. This decline was influenced by lower steel prices.

India's Jindal Stainless also reported a 34.6% decrease in fourth-quarter profit, primarily due to lower steel prices and weak international demand, despite a strong domestic market.

The company experienced a 12% year-on-year growth in sales volumes, supported by robust domestic demand, but faced challenges in key export markets like Europe and the U.S. A decline in iron ore prices helped reduce input costs by 18.4% but falling nickel prices and higher freight costs due to the Red Sea crisis, which also caused delays in shipping and loss of some customers, kept total expenses nearly unchanged. India's domestic steel demand is projected to remain strong over the next decade, primarily driven by substantial infrastructure investments. This trend is expected to strengthen after the high-stakes Lok Sabha elections, with anticipated infrastructure spending to increase by 11% in the fiscal year 2024-2025.

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