For the Quarter Ending March 2025
North America
In Q1 2025, the Inconel market in North America experienced complex dynamics, culminating in a quarter-ending price of USD 56,240/MT for Alloy 625 Sheet DEL Florida (USA). Although this reflects a slight decrease compared to Q4 2024, the overall trend within Q1 showed increasing momentum fuelled by several key factors.
In January, prices stabilized as buyers displayed optimism driven by rising demand from the construction and automotive sectors. A recovery in these industries, coupled with increased U.S. auto sales and several government infrastructure initiatives, contributed positively to market sentiment. By February, there was a robust demand for Inconel, even as raw material costs, particularly nickel, began to rise due to supply chain uncertainties tied to Indonesian export policies.
March marked a continuation of this upward trend, with prices driven by solid construction activity, despite challenges like labor shortages and inflation in material costs. The construction sector, which saw a 0.7% increase in spending, reinforced the steady consumption of Inconel. The quarter-ending price for Inconel stood at USD 56,240/MT, underscoring ongoing challenges such as increasing input costs and supply chain uncertainties that participants must navigate to sustain growth and pricing stability in this evolving market landscape.
Europe
In Q1 2025, the Inconel market in Europe demonstrated a stable yet cautiously optimistic environment, with the quarter-ending price for Alloy 600 Sheet Ex Werdohl (Germany) standing at USD 37,670/MT. Although prices remained stable compared to Q4 2024, the quarter itself exhibited an upward trend, driven by several critical market factors. January saw a notable 10% price increase on Inconel, attributed to rising nickel prices fueled by strengthening LME futures and declining inventories, which sparked increased trading volumes. Demand was influenced by modest growth in domestic passenger car production and positive construction indicators from the Netherlands, suggesting a potential rebound in the non-residential sector. However, February brought stability to prices amid ongoing challenges in the construction and automotive sectors. While civil engineering projects remained stable, the overall weakness in residential and commercial construction limited robust demand growth. The cautious outlook has been compounded by high raw material costs and supply chain uncertainties stemming from Indonesian export policies. The quarter-ending price for Inconel reflecting a complex interplay between stable pricing, supply dynamics, and uneven demand trends. Market participants face challenges in navigating inflationary pressures while seeking opportunities for growth amidst cautious sentiment.
APAC
In Q1 2025, the Inconel market in the APAC region displayed a robust upward trajectory, ending the quarter at USD 54,719/MT for Alloy 600 Sheet Ex Osaka (Japan). This reflects an increase compared to Q4 2024, underscored by stable demand stemming from the non-residential construction sector and a burgeoning automotive market. January marked a 1.5% rise in Inconel prices, buoyed by government infrastructure initiatives and a consistent demand for materials in logistics and urban redevelopment projects. Despite challenges like high material costs and labor shortages causing project delays, the overall demand remained steady. February saw stabilizing prices as stable demand continued to emerge amid rising nickel costs, which impacted production expenses for Inconel manufacturers. By March, Inconel prices surged by 20%, driven by supply constraints from a decline in crude steel and pig iron production coupled with a spike in domestic vehicle sales. Despite favorable industry dynamics, market participants face challenges, including labor shortages and fluctuating raw material prices. The Japanese automotive sector's resurgence and strengthened international trade relations also point to future stability, albeit with caution regarding ongoing supply chain uncertainties.
MEA
In Q1 2025, the Inconel market in the MEA region experienced a notable upward trajectory, with the quarter-ending price for Alloy 625 Sheet Ex Dubai (United Arab Emirates) reaching USD 51,015/MT. This increase reflects positive market dynamics compared to Q4 2024, driven by robust demand in the non-oil economy, particularly within the construction sector. January saw Inconel prices rise by 10%, fuelled by strong demand and rising nickel prices linked to tightening supply chains. This momentum continued into February with an additional 9.8% rise as new business activities surged in the UAE's non-oil private sector. However, challenges such as labor constraints and administrative delays persisted, leading to inventory backlog issues. By March, prices stabilized, even as regulatory changes tightened the availability of raw materials, particularly billets required for production. The UAE’s new mandates for ECAS certification of billets introduced additional supply constraints, but the ongoing infrastructure projects and strategic partnerships in the industry maintained a solid demand trajectory. The quarter-ending price highlighting the complexities the market faces as participants navigate supply restrictions and rising production costs, while still capitalizing on strong demand in construction and industrial applications.
For the Quarter Ending December 2024
North America
In Q4 2024, the Inconel market in North America faced notable challenges amidst fluctuating nickel prices and a cautious manufacturing landscape. Prices for Inconel saw a 4% decline in October, followed by an additional 6% drop in November, primarily attributed to an oversupply of nickel and reduced demand across various sectors. While the manufacturing sector showed slight signs of stabilization, the overall demand for Inconel was hampered by ongoing economic uncertainty and weak new order inflows.
The supply dynamics revealed significant excess inventory, compelling manufacturers to offer discounts to manage pricing pressures. Although the construction sector demonstrated moderate growth, with employment gains, uncertainty stemming from high interest rates and shifting economic policies continued to weigh on demand. The residential market, in particular, experienced declining activity, evidenced by longer home sales processes and reduced mortgage demand.
As Q4 concluded, the price for Alloy 625 Sheet DEL Florida stood at USD 57,410/MT, a decrease compared to Q3. Market participants are contending with persistent challenges, including fluctuating raw material prices and the need for efficient inventory management, making it essential to adapt strategies to navigate the uncertain outlook for Inconel demand moving forward.
Europe
In Q4 2024, the Inconel market in Europe faced considerable pressures, marked by fluctuation in prices, subdued demand, and ongoing economic uncertainties. Prices for Inconel, particularly in Germany, fell by 6% in October and November because of declining nickel prices and the oversupply of materials. By December, while prices remained stable, the weak market conditions persisted. Throughout the quarter, the overall trend reflected a decline, indicating challenges in both supply and demand dynamics. Demand conditions were significantly impacted by ongoing contraction in the manufacturing and construction sectors across the eurozone. Germany experienced notable declines in output and new orders, compounded by decreases in hiring and a reduction in public sector inquiries. Despite slight improvements in some segments, such as aerospace, the broader Inconel market struggled due to reduced construction activity and lower spending on new projects. As Q4 concluded, the price for Alloy 625 Sheet Ex Werdohl in Germany stood at USD 47,230/MT. This figure illustrates a consistent downturn in prices throughout the quarter. Market participants are facing challenges associated with regulatory concerns, low buyer confidence, and the uncertainty of future demand recovery, highlighting the need for strategic adaptations to navigate this complex environment effectively.
APAC
In Q4 2024, the Inconel market in the APAC region experienced a complex dynamic, characterized by a gradual decline in prices despite stabilization efforts by manufacturers. In October, prices dipped by 3%, followed by a further 2% decrease in November due to a surplus in nickel supply and low demand from key sectors, particularly construction. December observed stable pricing as market participants adjusted to ongoing uncertainties in raw material costs and demand conditions. The market faced pressures from an abundant influx of imports, notably from China, which has led the Japanese government to consider trade measures. The overall health of the manufacturing sector remained marginally weak, with the Purchasing Managers’ Index indicating contraction. However, retail and construction sectors showed signs of recovery towards the end of the quarter, buoyed by better inventory management and an uptick in new business inflows. As the quarter concluded, the price for Alloy 625 Sheet Ex Osaka in Japan was recorded at USD 51,459/MT. This reflects a downward trend throughout Q4, moving from initial declines to stabilization. Market participants are navigating challenges such as rising operational costs, fluctuating demand, and global supply uncertainties, necessitating strategic adaptations to align with the evolving landscape.
MEA
In Q4 2024, the Inconel market in the MEA region, particularly in the United Arab Emirates, maintained a cautious yet stable trajectory amid evolving economic dynamics. In October, Inconel prices decreased by 3% due to lower consumption levels and higher inventories, reflecting a competitive market environment. Prices remained stable throughout November and December, influenced by steady demand in the non-oil private sector, despite some challenges in overall economic sentiment. Key factors impacting the market included a significant surplus in nickel supply, coupled with improved business activity indicated by a rising Purchasing Managers' Index in the UAE. While the construction sector showed signs of resilience, new order growth softened, raising concerns about long-term demand momentum. Additionally, strong export activity towards major markets in Asia and Europe provided some uplift amid competitive pressures on pricing. The quarter-ending price for Alloy 625 Sheet Ex Dubai stood at USD 41,074/MT. Overall, the pricing trend for Inconel in Q4 exhibited an initial decrease followed by stabilization as producers navigated supply chain factors and working conditions.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Inconel market experienced a challenging period characterized by decreasing prices. Several factors contributed to this downward trend. Despite a 5% rise in nickel prices, Inconel prices in the region saw a 1% decrease, reflecting the impact of external economic pressures.
The manufacturing sector faced contraction, leading to subdued demand for specialty alloys like Inconel. Mixed signals in construction spending and uncertainty surrounding interest rate cuts further dampened market growth prospects. Within the USA, the market exhibited the most significant price changes, with prices falling in the quarter. Supply dynamics in the country faced surplus pressures, leading to discounted older inventory and pricing adjustments. While production levels remained solid, the oversupply situation created challenges for manufacturers.
Demand, although stable in critical sectors, faced headwinds from economic uncertainties and reduced purchasing activities. The quarter recorded a 2% price drop between the first and second half, reflecting ongoing market fragility. The quarter ended with Alloy 600 Sheet priced at USD 49090/MT DEL Florida, signalling a persisting negative pricing environment in the Inconel market. No plant shutdowns were observed during this quarter.
Asia-Pacific
In Q3 2024, the Inconel market in the APAC region experienced a decline in prices, influenced by various factors. Reduced demand and surplus supply played a significant role in driving prices down. The stability of nickel prices and fluctuations in key raw materials like nickel and chromium further contributed to the downward pressure on market prices.
Additionally, challenges in the steel industry, such as low demand and excess supply, added to the negative pricing environment. The quarter also saw disruptions in production, with some plants experiencing shutdowns, impacting the overall supply chain. Japan, in particular, witnessed the most significant price changes during the quarter. The market trends in Japan reflected the overall decreasing sentiment, with prices experiencing a negative trend. Seasonality and market correlations further exacerbated the price decline.
Comparing prices from the same quarter last year, there was a noticeable decrease. The quarter-on-quarter percentage change recorded a decrease of 3% and the comparison between the first and second half of the quarter indicated a 2% decrease. The quarter-ending price in Japan stood at USD 41593/MT for Alloy 600 Sheet Ex Osaka, highlighting the prevailing negative pricing environment in the region.
Europe
In Q3 2024, the Europe Region witnessed a period of stable Inconel prices, characterized by consistent market conditions and minimal fluctuations. This stability was influenced by various factors, including resilient supply chains, steady demand from key industries, and controlled production costs. Despite facing challenges such as global economic uncertainties and supply chain disruptions, the Inconel market maintained a balanced pricing environment throughout the quarter.
In Germany, which experienced the most significant price changes in the region, the Inconel market mirrored the overall stable trend observed in Europe. The country's pricing dynamics were impacted by factors such as fluctuations in raw material prices, changing demand from sectors like aerospace and energy, and seasonal variations in industrial activities.
The percentage change from the same quarter last year indicated a consistency in pricing trends, while the recorded a 5% decline from the previous quarter highlighted minor adjustments in market conditions. The comparison between the first and second half of the quarter showed no significant price variation, further emphasizing the overall stability in the German Inconel market. As the quarter concluded, the price for Alloy 600 Sheet Ex Werdohl in Germany stood at USD 42218/MT, underscoring the prevailing stable pricing environment in the region. Despite occasional challenges, the quarter overall exhibited a positive sentiment with prices maintaining equilibrium and reflecting resilience in the face of external pressures.
MEA
In Q3 2024, the Inconel pricing landscape in the MEA region experienced a notable decline, reflecting a negative sentiment across the market. Various factors contributed to this downward trend, including an oversupply of Inconel leading to lower spot market prices, volatile nickel prices impacting production costs, and reduced demand from key sectors like construction and automotive.
The excess supply of Inconel put downward pressure on prices, while nickel price fluctuations added to the cost challenges faced by producers. Demand constraints from sectors like construction and automotive further exacerbated the pricing decline, creating a challenging environment for Inconel pricing in the region.
In the United Arab Emirates specifically, the market saw the most significant price changes, with a recorded 9% decrease from the previous quarter in 2024. The comparison between the first and second half of the quarter showed a further decline in prices. Despite stable supply dynamics, high inventory levels, and decreasing demand contributed to the negative price trend in the UAE. The quarter-ending price for Alloy 600 Sheet CFR Jebel Ali in the UAE stood at USD 31662/MT, highlighting the prevailing downward pricing trend in the region. No plant shutdowns were observed during the quarter.
For the Quarter Ending June 2024
North America
In Q2 2024, Inconel pricing in North America experienced substantial upward momentum, driven by a confluence of factors that created a bullish market environment. The imposition of sanctions on Russian raw materials, particularly nickel, aluminium, and copper, exacerbated supply constraints, leading to increased input costs. Additionally, operational difficulties in nickel mines in Brazil and New Caledonia further tightened supply, contributing to rising Inconel prices. Geopolitical tensions and logistical bottlenecks, such as the Red Sea crisis and drought conditions in the Panama Canal, resulted in higher shipping costs, which compounded the cost pressures on Inconel production.
In the USA, which saw the most significant price changes, the pricing environment was predominantly shaped by robust demand from the automotive and construction sectors. The rise in the US PMI Composite Output Index, indicating increased business activity and new orders, underscored strong domestic demand. Despite a notable decline in new export orders, domestic consumption remained high, with the Light Vehicle Seasonally Adjusted Annualized Sales (SAAR) for May 2024 showing considerable growth driven by SUV and truck sales. Overall, the trends indicated a consistent increase in Inconel prices, influenced by seasonal demand peaks and the ongoing supply chain challenges.
The price contrast between the first and second half of the quarter showed a significant increase, highlighting rising cost pressures and continued demand. The quarter-ending price for Alloy 600 Sheet DEL Florida in the USA stood at USD 52180/MT, highlighting a positive pricing environment throughout Q2 2024. The market's bullish sentiment underscored the interplay of limited supply, increasing production costs, and strong end-user demand, solidifying the upward trajectory in Inconel prices. No plant shutdowns were recorded during the quarter.
Asia-Pacific
In Q2 2024, the Inconel market in the APAC region experienced a relatively stable pricing environment, despite several influencing factors. The overall stability can be attributed to a balanced interplay of supply and demand forces. Key factors contributing to this equilibrium included geopolitical tensions, supply chain disruptions, and fluctuating shipping costs, which collectively maintained a steady state in the market. The consistent demand from the automotive and industrial sectors underscored the resilience of Inconel pricing amidst external pressures.
In Japan, notable fluctuations were observed, driven primarily by operational issues in nickel mines in Brazil and New Caledonia, along with geopolitical tensions impacting nickel stockpiles. The absence of significant plant shutdowns ensured a steady production flow, even as manufacturers navigated increased shipping costs due to disruptions like the Red Sea crisis. Seasonality also played a role, with strategic government spending on infrastructure projects contributing to sustained demand.
When compared to the same quarter last year, there was a change in prices from the previous quarter, indicating a slight increase in market activities. The price comparison between the first and second half of the quarter remained steady, further emphasizing the stable trend. Concluding the quarter, the price of Alloy 600 Sheet Ex Osaka in Japan stood at USD 43084/MT. Overall, the pricing environment for Inconel in Q2 2024 has been stable, reflecting a balanced market sentiment despite external and seasonal pressures.
Europe
In Q2 2024, the European Inconel market experienced a notable decline in prices, influenced by various significant factors. The market was characterized by high inventory levels, slow demand, and increased production costs, which collectively contributed to the downward pressure on prices. Despite rising feedstock costs for nickel and chromium, sluggish demand in downstream sectors and a generally weak economic sentiment exacerbated the situation. Geopolitical tensions and supply chain disruptions added further complexity, notably impacting shipping costs due to longer transit times and heightened sea freight rates.
Focusing on Germany, which witnessed the most substantial price changes, the situation was particularly pronounced. The country's economic challenges, including expensive energy and reduced activity in core industries like construction and automotive, led to decreased optimism and job cuts. The construction sector saw a continuous decline in new orders and project delays, while the automotive industry recorded a significant drop in new passenger car registrations. The interplay of these elements led to a notable decrease from the previous quarter and a significant fall in prices when comparing the first and second half of the quarter.
Overall, the pricing environment for Inconel in Germany was decidedly negative, with the quarter-ending price for Alloy 600 Sheet Ex Werdohl recorded at USD 42,778/MT. The market dynamics indicated a continued bearish trend, driven by an imbalance between supply and demand and exacerbated by broader economic and geopolitical challenges. This consistent declining sentiment underscores the need for strategic adjustments within the industry to navigate these challenging conditions effectively.
MEA
In Q2 2024, the Inconel market in the MEA region exhibited a stable pricing environment, driven by multiple factors that influenced market prices. Geopolitical tensions and operational disruptions at nickel mines in Brazil and New Caledonia contributed to supply constraints, leading to increased material costs for battery and stainless-steel production. Additionally, logistical challenges, including higher sea freight rates and the Red Sea crisis, exacerbated cost pressures. Despite these disruptions, the overall sentiment remained stable due to balanced supply and demand dynamics.
Focusing on the United Arab Emirates, the market experienced the most significant price changes within the region. The UAE's Purchasing Managers' Index remained constant, reflecting stable economic conditions despite input cost increases and supply chain constraints. The construction sector saw a notable workforce increase, which, coupled with high inventory levels, maintained demand dynamics. The correlation between industrial production growth and Inconel pricing underscored a stable trend, with minor fluctuations attributed to seasonal factors and robust infrastructure project pipelines.
When comparing the first and second halves of the quarter, the price change stayed consistent, suggesting market stability. However, prices decreased from the previous quarter of 2024, showing a controlled environment amid fluctuating global factors. The latest quarter-ending price for Alloy 600 Sheet CFR Jebel Ali in the UAE was USD 34,913/MT. Overall, despite external disruptions and internal pressures, the Inconel pricing in the UAE and the broader MEA region has maintained a stable stance, reflecting a positive sentiment towards future market conditions.
