For the Quarter Ending March 2025
North America
In Q1 2025, the Monel market in North America exhibited a stable yet positive trajectory, culminating in a quarter-ending price of USD 40,890/MT for Alloy 400 Sheet DEL Florida (USA). While prices remained consistent compared to Q4 2024, the quarter itself marked an upward trend driven by optimistic demand conditions across various sectors.
January began with stable prices as market participants navigated fluctuating raw material costs and uncertainty surrounding supply chain dynamics, particularly due to tightening nickel and copper markets. Increased trading volumes in the nickel sector, up 59% year-on-year, were a critical factor propelling the market, alongside optimism from buyers anticipating gradual price increases. February maintained this stability, bolstered by recovery in construction and manufacturing sectors. As construction spending rose 0.7% month-over-month, demand for Monel remained buoyant, particularly in construction applications.
By March, Monel prices recorded a modest increase of 1%. The steady growth in construction activity provided a supportive backdrop, despite challenges from rising import tariffs affecting material costs. The quarter-ending price for Monel reflecting both the strength of market demand and the challenges posed by external pressures such as tariffs and raw material costs that participants must navigate in the evolving landscape.
Europe
In Q1 2025, the Monel market in Europe exhibited a complex yet dynamic landscape, culminating in a quarter-ending price of USD 38,360/MT for Alloy 400 Ex Werdohl (Germany). While prices remained stable compared to Q4 2024, the overall trend within the quarter showed a gradual increase driven by several key factors. January saw a 3% rise in prices, supported by strong demand stemming from its specialized applications despite challenges in the construction sector. The rising costs of nickel and copper due to tighter supply chains, alongside increased trading volumes on the London Metal Exchange (LME), influenced market conditions significantly. February maintained stability with prices unaffected by escalating raw material costs amidst speculation on trade dynamics with the U.S. By March, Monel prices increased by 2.5%, primarily driven by global nickel market rebounds and optimism regarding infrastructure investments, highlighted by a recently approved €500 billion fund. Although local construction activity struggled, the momentum from civil engineering projects and significant external market influences supported pricing strength. The quarter-ending price for Monel highlighting the challenges market participants face amid fluctuating raw material costs, competitive pressures, and ongoing uncertainties in the construction sector that may impact future demand
APAC
In Q1 2025, the Monel market in the APAC region experienced encouraging growth, closing the quarter with a price for Alloy 400 Sheet Ex Osaka (Japan) at USD 43,658/MT. This represents an increase compared to Q4 2024, highlighting a positive trend over the quarter driven by solid demand from the construction sector and improving industrial activity. January saw a significant price increase of 11%, primarily attributed to steady demand within the non-residential construction sector and enhanced investments in logistics and urban redevelopment. Government initiatives supporting infrastructure projects further facilitated consistent demand for Monel. However, ongoing labor shortages and high material costs led to delays and created a backlog of projects. February maintained stable prices, supported by resilient construction orders which rose by 12.2% year-on-year. Despite the upward price pressures linked to rising nickel costs and uncertainties in supply chains due to Indonesian export policies, demand for Monel remained stable. By March, prices showed a slight increase of 1%, reflecting steady demand amid condensation in crude steel supply. Nevertheless, participants face ongoing challenges such as supply constraints and fluctuating raw material prices. The quarter-ending price underscores the complexities market players must navigate to capitalize on growth while managing these pressures effectively.
MEA
In Q1 2025, the Monel market in the MEA region showed a level of stability, with the quarter-ending price for Alloy 400 Sheet Ex Dubai (United Arab Emirates) at USD 41,834/MT. Although prices remained stable compared to Q4 2024, the quarter exhibited an upward price trend, largely driven by robust demand in the non-oil economy, particularly within the construction sector. January recorded a 2% increase in prices, propelled by strong market demand despite rising nickel prices and increased production costs due to tightening supply chains. The positive momentum continued into February, boosted by a significant rise in construction activity and new orders. However, hiring and inventory levels showed only slight improvements, suggesting ongoing challenges in scaling production capacities amid labor constraints. By March, prices stabilized as regulatory changes were introduced, particularly the mandate for billets to be certified under the Emirates Conformity Assessment Scheme (ECAS), limiting imports and prompting concerns over raw material availability. Strategic partnerships and infrastructure projects played a pivotal role in supporting demand, but market players face challenges managing capacity and resources amid competitive dynamics. The quarter-ending price reflecting the complex landscape the Monel market navigates as participants balance demand growth against supply chain and regulatory pressures.
For the Quarter Ending December 2024
North America
In Q4 2024, the Monel market in North America experienced a challenging landscape marked by price fluctuations and shifting demand dynamics. Prices decreased by 4% in October due to falling nickel prices, followed by a stabilization in November despite ongoing international demand struggles. By December, the price for Monel saw a further decline of 2%, primarily influenced by the costs of nickel and copper, which remained under pressure due to broader economic factors.
The market faced significant challenges, with the construction sector showing modest growth but still hampered by high interest rates and economic uncertainty. The U.S. manufacturing sector continued to contract, influencing demand for Monel, particularly in sectors reliant on construction and infrastructure. Concurrently, an overall oversupply in the market and fluctuating raw material costs exacerbated pricing pressures.
As the quarter concluded, the price for Alloy 400 Sheet DEL Florida stood at USD 40,090/MT. This reflects a downward trend throughout Q4, illustrating the complexities market participants are navigating. Ongoing issues such as reduced export orders, inflationary pressures, and cautious consumer behaviour underscore the need for strategic adjustments as producers seek to stabilize operations in a volatile environment while addressing the mixed signals from the demand side.
Europe
In Q4 2024, the Monel market in Europe faced volatility, characterized by fluctuating prices and uneven demand across key sectors. October saw a notable 6% price decline despite rising nickel and copper values, largely due to supply challenges and weakening demand from construction firms in the eurozone. However, November brought a 3% increase in prices as manufacturers engaged in restocking ahead of the holiday season, although business activity remained subdued. By December, Monel prices stabilized but did not see further increases, reflecting cautious market sentiment amid regulatory concerns. Key factors impacting the market included significant geopolitical uncertainty, reduced manufacturing output, and a bearish outlook on international demand. The German Manufacturing Index indicated ongoing contraction, while expectations for new business remained low. Despite these pressures, demand from sectors like construction was moderate, albeit hindered by labour shortages and economic uncertainties. The quarter-ending price for Alloy 400 Ex Werdohl in Germany was recorded at USD 36,330/MT. Over the course of Q4, Monel prices reflected a downward trend, stabilizing towards the end of the period.
APAC
In Q4 2024, the Monel market in the APAC region, particularly in Japan, exhibited mixed dynamics characterized by fluctuating prices and subdued demand. Pricing trends indicated a 3% decline in October, followed by a 4% decrease in November as oversupply and reduced consumer activity affected market conditions. However, by December, prices stabilized, reflecting cautious optimism amidst a complex backdrop of economic challenges. Key factors influencing the market included a significant surplus in nickel supply and geopolitical uncertainties impacting the steel industry. The Japanese manufacturing sector continued to experience contraction, with the Manufacturing Purchasing Managers' Index indicating ongoing difficulties, but a slight uptick in construction activity offered some hope. Increased activity in the service sector and a stronger inflow of new business transactions supported this gradual recovery. As the quarter concluded, the price for Alloy 400 Sheet Ex Osaka was recorded at USD 37,808/MT. Throughout Q4, Monel prices showed a downward trend, ultimately stabilizing as market participants navigated the evolving landscape marked by fluctuating raw material costs, inflationary pressures, and operational challenges. Moving forward, producers must remain adaptable to sustained supply and demand imbalances in the marketplace.
MEA
In Q4 2024, the Monel market in the MEA region, particularly in the United Arab Emirates, experienced stable pricing amid fluctuating demand and economic conditions. Monel prices decreased by 3% in October due to lower consumption and higher inventories, followed by stability in November and December. The decline in input cost inflation, coupled with competitive pressures, led to an environment where average prices fell for the first time in several months, although some companies still faced rising costs for materials and supplies. Key factors influencing this market included ongoing resilience in the UAE's non-oil private sector, supported by a rise in the Purchasing Managers' Index, which reflected improved business activity and increased new orders. Despite the overall economic expansion, concerns about waning demand momentum persisted, particularly in sectors influenced by intense competition. The quarter-ending price for Alloy 400 Sheet Ex Dubai was recorded at USD 40,402/MT. Over the entirety of Q4, Monel prices exhibited a trend of initial decrease followed by stabilization as market participants navigated challenges related to supply chain dynamics, competition, and the need for strategic pricing adjustments. As firms adapt, the outlook remains cautiously optimistic, requiring attentiveness to both domestic and international market conditions.
For the Quarter Ending September 2024
North America
The Monel market in North America during Q3 2024 experienced a significant decline in prices, with the USA witnessing the most substantial price changes. This downward trend can be attributed to various factors such as excess supply, weak demand from key industries like construction and manufacturing, and fluctuations in raw material prices, particularly nickel and copper.
The demand for Monel in the U.S. market is under pressure from various sectors experiencing a slowdown. With declines in manufacturing output and new orders, particularly in industries that heavily rely on Monel, there is a general sentiment of caution among buyers. The anticipated resurgence in demand is thwarted by ongoing political uncertainty and wavering consumer confidence.
The market faced challenges due to sluggish economic growth, reduced automotive sales, and uncertainties in global trade dynamics. Additionally, disruptions in the Red Sea and Panama Canal impacted export rates, further adding to pricing pressures. Throughout the quarter, prices showed a consistent decreasing sentiment, with a notable decline of 8% from the previous quarter and a decline of 5% between the first and second half of Q3. The quarter concluded with Monel prices at USD 42360/MT for Alloy 400 Sheet DEL Florida in the USA, reflecting the overall negative pricing environment in the region.
Asia-Pacific
In the third quarter of 2024, the APAC region witnessed a notable decline in Monel pricing, driven by several key factors. Fluctuations in raw material costs, particularly copper and nickel, played a significant role in influencing market prices. The market experienced challenges due to rising imports, excess supply, and weakened demand across various industries. Additionally, global economic uncertainties, sluggish industrial activities, and reduced export opportunities further contributed to the downward trend in Monel prices.
Within Japan, the market saw the most significant price changes, with a 7% decrease from the previous quarter. The quarter-ending price for Alloy 400 Sheet Ex Osaka in Japan stood at USD 40601/MT. The market exhibited a negative sentiment throughout the quarter, with a stable to bearish outlook. Overall trends indicated a seasonally slow recovery, impacted by lower demand from the automotive sector and disruptions in the economy. Despite some fluctuations, the pricing environment remained predominantly negative, reflecting the challenging market conditions for Monel in Q3 2024.
Europe
In Q3 2024, the Monel pricing landscape in Europe witnessed a significant downturn, with Germany experiencing the most pronounced price changes. The overall market was influenced by a multitude of factors contributing to the decreasing prices. The persistent decline in demand from key sectors such as aerospace, construction, and automotive industries played a pivotal role in driving prices downward.
Global economic uncertainties further exacerbated the situation, leading customers to postpone large purchases, thus impacting the demand-supply dynamics of Monel. Political uncertainty further exacerbates this fragile demand environment, making manufacturers cautious in their strategies. Although there is a slight improvement in business confidence linked to potential opportunities from upcoming elections, demand remains subdued. Manufacturers are focusing on stabilizing operations amid these challenges, adjusting inventory levels and purchasing activities to adapt to the changing market conditions.
Moreover, disruptions in the supply chain, highlighted by port congestion and reduced shipping capacities, added pressure on prices. In Germany specifically, the quarter saw a 10% decrease from the previous quarter, with a notable 3% decline in prices between the first and second half of the quarter. The quarter concluded with the price of Alloy 400 Ex Werdohl standing at USD 37902/MT, indicating a challenging pricing environment marked by consistent decreases.
MEA
In Q3 2024, the Monel pricing landscape in the MEA region experienced a notable decline, with the United Arab Emirates showcasing the most significant price changes. Several factors contributed to this downward trend. In general, the market was influenced by a combination of ample supply levels, subdued demand dynamics, and ongoing price fluctuations in raw materials such as nickel. These elements collectively exerted downward pressure on Monel prices, creating a challenging environment for market participants.
Specifically focusing on the United Arab Emirates, the Monel market witnessed a continuous decrease in prices throughout the quarter. The overall trend in pricing exhibited a negative sentiment, with prices experiencing a downward trajectory. Comparing Q3 2024 to the same quarter last year, prices recorded a substantial decrease, emphasizing the challenging conditions faced by the market. Furthermore, the quarter saw a notable decline of 7% from the previous quarter, highlighting the persistent downward pressure on prices. As the quarter ended, the latest price for Alloy 400 Sheet CFR Jebel Ali in the United Arab Emirates stood at USD 40628/MT, underscoring the prevailing downward trend in Monel pricing for the region.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Monel market experienced a notable decline in prices, driven predominantly by substantial shifts in both supply and demand dynamics. This quarter, Monel pricing faced significant downward pressure due to elevated inventory levels and fluctuating raw material costs, exacerbated by geopolitical tensions and operational disruptions in key raw material-producing regions. Shipping costs surged because of extended transit times and increased spot rates for sea freight, adding to the overall market volatility. Despite steady production levels, the market struggled with an oversupply, leading to a bearish market sentiment.
Focusing on the USA, the region saw the most pronounced price changes. A combination of rising inventory levels, lower-than-expected demand from key industrial sectors, and persistent supply chain bottlenecks were key factors influencing the pricing landscape. Seasonal trends and changing consumer preferences in the automotive industry added to the situation, leading to a continuous decrease in Monel prices. The general price trend showed a consistent decline, with a decrease from the previous quarter and an additional drop in the second half of the quarter.
The latest quarter-ending price stood at USD 46080/MT of Alloy 400 Sheet DEL Florida, underscoring a negative pricing environment throughout Q2 2024. Disruptions in the Red Sea and Panama Canal were notable, further affecting market stability. This quarter's market conditions were overwhelmingly negative, reflecting the ongoing challenges in balancing supply and demand in the Monel sector.
Asia-Pacific
In Q2 2024, the Monel market in the APAC region experienced a declining trend, influenced predominantly by global supply chain disruptions and fluctuating demand dynamics. The quarter saw several critical factors impacting Monel prices, including geopolitical tensions, changes in nickel mining operations, and volatile shipping costs. Decreased nickel production in key regions and the suspension of operations at notable plants like Eramet SA in New Caledonia contributed significantly to the constrained supply, exacerbating the pricing environment.
Focusing on Japan, which observed the most significant price changes, the Monel market has been notably bearish. The overall trend has been characterized by a steady decline in prices, driven by elevated inventory levels and subdued demand, particularly within the automotive sector. Seasonal factors further amplified the downturn, with a pronounced dip in market activity correlating strongly with the end of fiscal year adjustments. Compared to the same quarter last year, the market has weakened considerably, underscoring the ongoing economic challenges.
As the quarter concluded, the price of Alloy 400 Sheet Ex Osaka in Japan settled at USD 44409/MT, reflecting a persistently negative pricing environment. The decrease underscores the broader market struggles and diminishing momentum in the region's Monel market. Overall, Q2 2024 has been marked by a negative pricing sentiment, highlighting the critical need for strategic responses to stabilize the market.
Europe
In Q2 2024, Monel pricing in Europe experienced a notable downturn, primarily influenced by a confluence of factors. The quarter was marked by subdued demand across various industries, compounded by ongoing geopolitical tensions and supply chain disruptions. The construction sector, a significant driver of Monel consumption, showed a marked decline in activity and new orders due to high costs and economic uncertainty. The automotive industry also saw a downturn in new registrations, further dampening demand for Monel. These industry-specific challenges were exacerbated by rising inventory levels and a surplus of refined nickel, leading to an overall bearish market sentiment.
Germany experienced the most significant price changes within the Europe region. The market exhibited a clear downward trend, influenced by the interplay of seasonality and structural issues within key consuming sectors. The connection between decreased construction activity and challenges in the automotive industry was apparent, leading to a continuous decrease in Monel prices. Prices dropped compared to the previous quarter, with a more significant decline seen between the first and second half of the quarter, highlighting the unfavourable pricing environment.
Despite some industry stabilization efforts, the overall sentiment remained negative. The quarter concluded with Monel Alloy 400 priced at USD 40172/MT Ex Werdohl in Germany, reflecting the cumulative impact of these adverse factors. The market's trajectory highlighted the ongoing challenges and underscored a need for strategic adjustments to navigate the persistent downward pressures.
MEA
In Q2 2024, the Monel market in the MEA region exhibited a notable decline in prices, influenced predominantly by geopolitical tensions and supply chain disruptions. The quarter was marked by significant factors such as sanctions on Russian raw materials, soaring nickel prices due to shortages from key nickel-producing regions including Brazil and New Caledonia, and increased shipping expenses post the Red Sea crisis. These elements compounded to create a challenging environment for Monel manufacturers, further exacerbated by operational issues in nickel production facilities across the South Pacific.
Focusing on the United Arab Emirates, which experienced the most significant price fluctuations, the Monel market saw a pronounced downward trend. Seasonal demand shifts and resource management challenges, driven by rapid tender processes in the construction sector, added to the market's volatility. When comparing with the previous quarter, where prices decreased, the pricing environment in the second quarter displayed a persistent negative outlook. The first half of Q2 experienced a reduction in prices compared to the latter half, indicating a continuous decline.
The quarter concluded with the price of Alloy 400 Sheet CFR Jebel Ali at USD 43753/MT, highlighting a pervasive bearish market sentiment. Despite this, the UAE's market maintained an optimistic outlook for future infrastructure projects, albeit under pressure from rising input costs and logistical challenges. No specific plant shutdowns were recorded during this quarter, reinforcing the complexity of market dynamics influenced more by external factors than internal production halts. Overall, the Q2 pricing environment for Monel was decidedly negative, driven by geopolitical and logistical perturbations.
