For the Quarter Ending September 2025
North America
• In USA, the Stainless Steel (Flat)Price Index fell by 1.67% quarter-over-quarter, reflecting weaker downstream demand.
• The average Stainless Steel (Flat)price for the quarter was approximately USD 3212.00/MT across Texas markets.
• Stainless Steel (Flat)Spot Price held elevated levels regionally as tariffs and freight supported delivered pricing.
• Stainless Steel (Flat)Price Forecast suggests modest rebounds interrupted by demand weakness and persistent cost pressures.
• Stainless Steel (Flat)Production Cost Trend driven by nickel volatility and higher logistics increases delivered costs.
• Stainless Steel (Flat)Demand Outlook remains weak as automotive and construction softness curtails restocking and confidence.
• Inventory accumulation and exporter offers pressured the Stainless Steel (Flat)Price Index despite limited tariff pass-through.
• Domestic mills balanced discounting and margin protection, with tariffs maintaining an effective delivered price floor.
Why did the price of Stainless Steel (Flat) change in September 2025 in North America?
• Chinese exporters lowered FOB offers, increasing supply pressure while tariffs prevented domestic landed price relief.
• Section 232 duties sustained an artificial delivered-cost floor, restricting buyers from benefiting from cheaper offers.
• Weak automotive and construction activity reduced offtake and restocking, keeping transactional volumes and pricing subdued.
APAC
• In China, Stainless Steel (Flat) Price Index rose by 1.25% quarter-over-quarter, reflecting destocking and feedstock pressure.
• The average Stainless Steel (Flat)price for the quarter was approximately USD 1644/MT, reflecting subdued demand.
• Stainless Steel (Flat) Spot Price saw intermittent strength as mills reduced discounts, improving cash market balances.
• Stainless Steel (Flat) Price Forecast indicates short-term volatility driven by inventory cycles and export protection measures.
• Stainless Steel (Flat) Production Cost Trend remained elevated from firm ferrochrome and NPI, compressing mill margins.
• Stainless Steel (Flat) Demand Outlook appears mixed; NEV and machinery support demand while construction remains weak.
• Stainless Steel (Flat) Price Index trends reflected inventories, aggressive export shipments, and protectionist barriers limiting absorption.
• Mills continued shipping despite losses; targeted production cuts aim to reduce inventories and improve balance.
Why did the price of Stainless Steel (Flat)change in September 2025 in APAC?
• Domestic demand collapsed across construction and industry segments, forcing mills into aggressive export-driven price concessions.
• Firm ferrochrome and NPI quotations kept production costs high, compressing margins despite weakening goods prices.
• Logistics constraints and protectionist measures restricted export demand, exacerbating inventory accumulation and limiting price support.
Europe
• In Germany, the Stainless Steel (Flat)Price Index fell by 2.63% quarter-over-quarter, reflecting import and demand weakness.
• The average Stainless Steel (Flat)price for the quarter was approximately USD 2717.33/MT, reflecting constrained domestic demand.
• Stainless Steel (Flat)Spot Price remained constrained by elevated inventories and low-cost Asian import competition across markets.
• Stainless Steel (Flat) Price Forecast suggests recovery if automotive demand strengthens and EU safeguards limit import pressure.
• Stainless Steel (Flat)Production Cost Trend stayed elevated due to high energy and conversion costs at German mills.
• Stainless Steel (Flat)Demand Outlook is mixed with civil engineering supporting volumes and construction contraction limiting recovery.
• Stainless Steel (Flat)Price Index stability was supported by mills defending margins instead of executing discounting strategies.
• Export flows and distributor destocking kept downside limited despite oversupply and subdued procurement from builders.
Why did the price of Stainless Steel (Flat) change in September 2025 in Europe?
• High Asian import volumes created oversupply pressure, forcing German mills to defend Price Index through cautious pricing.
• Elevated energy and conversion costs sustained production cost pressures, constraining mills' flexibility on spot price reductions.
• Weak construction demand and distributor high inventories reduced restocking, limiting demand-driven recovery for the Price Index.
For the Quarter Ending June 2025
North America
• The Stainless Steel (Flat) Price Index in North America registered a quarter-over-quarter decline of 5.3% in Q2 2025, reflecting a softening pricing environment driven by supply-demand imbalances and tepid downstream consumption. Despite steady production levels and logistical efficiency, buyers remained hesitant amid persistent macroeconomic uncertainty.
• The Stainless Steel (Flat) Production Cost Trend showed modest easing in Q2, as raw material inputs, particularly stainless scrap (e.g., 304 grade), declined marginally. Falling freight costs and moderate import activity offered some relief to cost structures, though U.S. tariffs continued to inflate final delivered prices.
• The Stainless Steel (Flat) Demand Outlook weakened in Q2, with reduced offtake from automotive and construction sectors. Vehicle sales dropped notably, while private construction saw the fourth straight month of contraction. Buyers adopted short-term procurement cycles and lean inventory strategies due to volatile input costs and duty-loaded imports.
Why did the price of Stainless Steel (Flat) change in July 2025 in North America?
The Given Metal Spot Price held relatively steady in July after a sharp Q2 correction. This stability was supported by consistent domestic supply and restrained procurement activity. However, the Stainless Steel (Flat) Price Forecast remains conservative, as sluggish demand recovery and persistent import tariff pressure continue to cap any significant rebound.
Asia Pacific (APAC)
• In the APAC region, the Stainless Steel (Flat) Price Index fell by 4.6% quarter-over-quarter in Q2 2025, primarily influenced by intensified export pressure from Chinese mills. With domestic demand faltering, mills aggressively pushed low-margin volumes into overseas markets, dragging down overall market prices.
• The Stainless Steel (Flat) Production Cost Trend in APAC remained under strain. While FOB export offers dropped significantly from ports like Ningbo and Shanghai, mill margins were squeezed, reflecting cost-floor pricing strategies. These ultra-low offers reflected a distressed supply environment rather than competitive strength.
• The Stainless Steel (Flat) Demand Outlook in the region remains muted, with downstream sectors like construction and automotive showing sluggish recovery. Chinese producers faced inventory overhangs, while buyers across Southeast Asia adopted a cautious procurement stance due to macroeconomic volatility and global trade disruptions.
Why did the price of Stainless Steel (Flat) change in July 2025 in APAC?
The Given Metal Spot Price was broadly flat in July following Q2’s sharp decline. Prices remained suppressed as excess inventories persisted and foreign demand remained subdued. The Stainless Steel (Flat) Price Forecast continues to point downward unless domestic consumption stabilizes or export margins improve.
Europe
• In Europe, the Stainless Steel (Flat) Price Index declined by 2.3% quarter-over-quarter in Q2 2025, a more restrained drop compared to global peers. German mills, facing high energy costs and elevated input prices, were reluctant to cut further, even as low-priced imports from Asia continued to undercut local offerings.
• The Stainless Steel (Flat) Production Cost Trend in Europe remains elevated. Despite modernization at ArcelorMittal’s Belval plant and expansion efforts by Wuppermann, cost structures are still burdened by environmental compliance expenses and limited mill flexibility, making price cuts economically unsustainable.
• The Stainless Steel (Flat) Demand Outlook is mixed. While automotive output showed resilience in June, the construction sector continues to contract due to weak new orders and tight lending conditions. Public infrastructure spending offered modest support, but it was insufficient to reverse the broader softening trend.
Why did the price of Stainless Steel (Flat) change in July 2025 in Europe?
The Given Metal Spot Price edged lower in July, continuing Q2’s moderate downtrend. Market fundamentals remain weak, with persistent oversupply and soft end-user activity. The Stainless Steel (Flat) Price Forecast remains bearish in the short term, with mills leaning on regulatory tools like CBAM and EU safeguard quotas to stabilize pricing.
For the Quarter Ending March 2025
North America
• The Stainless Steel Flat Price Index in North American market declined significantly in the first quarter of 2025, closing at USD 3,389/MT for SS 304 HR Plate (6 x 1250 x 2000) DEL Texas, marking a 7.5% decrease QoQ.
• Why did the Stainless Steel Flat prices change in April 2025?
Stainless Steel Flat Prices witnessed a decline in early weeks of April, primarily due to oversupply, subdued Stainless Steel Flat Demand Outlook from construction and automotive sectors, and rising imports.
• Weak market fundamentals and poor trading sentiment contributed to the negative Stainless Steel Flat Spot Price trend.
• Geopolitical uncertainty and excess availability led to further pricing pressure.
• Despite challenging conditions, the region maintained operational resilience, thanks to robust industrial infrastructure and flexibility.
• Stainless Steel Flat Production Cost Trend remained relatively steady but failed to influence pricing due to mismatched supply-demand balance.
• The Stainless Steel Flat Price Forecast for the coming quarter remains bearish unless a recovery in end-use sector demand materializes.
Europe
• The Stainless Steel Flat Price Index in Europe fell by 9.3% QoQ, with prices ending at USD 2,891/MT for SS 304 HR Plate (8 x 1350 x 2000) Ex Ruhr, Germany.
• Why did the Stainless Steel Flat prices change in April 2025?
Stainless Steel Flat prices decreased in early April, driven by sluggish demand from key sectors like construction and automotive, regulatory adjustments, and persistent oversupply.
• Germany recorded the steepest price drops in the region, reflecting ongoing industrial slowdowns and broader economic strain.
• Seasonal downturn and weak downstream activities during the latter half of the quarter led to a continuous decline in Stainless Steel Flat Spot Prices.
• European Union regulatory changes added to instability by increasing compliance costs and delaying procurement cycles.
• Supply remained uninterrupted, but demand contraction outweighed any supply-side pressures.
• The Stainless Steel Flat Production Cost Trend was affected by high energy prices and regulatory shifts, yet this did not prevent prices from falling.
• The Stainless Steel Flat Price Forecast indicates further market softness unless policy clarity and industrial recovery improve sentiment.
Asia-Pacific (APAC)
• The Stainless Steel Flat Price Index in APAC increased by 3.6% QoQ, with the quarter closing at USD 1,571/MT for SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai.
• Why did the Stainless Steel Flat prices change in April 2025?
Stainless Steel Flat prices increased in early April 2025, fueled by rising demand, production bottlenecks, and logistical delays that limited timely supply.
• Strong demand across China, combined with production hurdles and inefficient container movement, supported upward price movements.
• Stainless Steel Flat Spot Price remained elevated due to tight supply conditions and high freight costs.
• Efforts by Chinese producers to boost scrap recycling enhanced long-term supply potential but couldn’t ease short-term shortages.
• Seasonal demand trends, particularly from infrastructure and industrial sectors, reinforced price hikes.
• The Stainless Steel Flat Production Cost Trend rose due to increased raw material costs, energy tariffs, and transport inefficiencies.
• The Stainless Steel Flat Price Forecast suggests that prices may remain high unless capacity expansion outpaces demand growth in Q2 2025.
For the Quarter Ending December 2024
North America
The North American stainless steel flat market endured notable pricing challenges in the fourth quarter of 2024 declining quarter on quarter, with the USA exhibiting the most significant fluctuations. Prices steadily declined throughout the quarter, ending at USD 3,690/MT for SS 304 HR Plate (6 x 1250 x 2000) DEL Texas, reflecting a negative pricing trend of 1.6% quarter on quarter environment shaped by multiple compounding factors.
Weak market fundamentals and sluggish trading activity largely influenced the downward trajectory. Additionally, demand from core industries like construction and automotive remained subdued, adding to the pressure on pricing. An oversupply situation, coupled with limited disruptions, ensured a consistent availability of materials, but this failed to align with declining demand levels, further weighing on prices.
The USA market faced additional strain from rising imports and geopolitical uncertainties that disrupted overseas demand. Nevertheless, seasonality also played a role, with prices showing a steady downward momentum between the first and second half of the quarter. Despite these adversities, the North American stainless-steel market showed elements of resilience amidst challenging conditions, bolstered by strong industry fundamentals and the region’s inherent capacity to adapt.
Europe
The fourth quarter of 2024 proved challenging for the European stainless steel flat market, with prices showing a 13% decline from Q3. Closing the quarter at USD 2,967/MT for SS 304 HR Plate (8 x 1350 x 2000) Ex Ruhr in Germany, the market experienced pronounced bearish sentiment amid a combination of global and regional adversities. Additionally, global supply chain disruptions, coupled with localized challenges such as subdued demand from crucial industries like construction and automotive, were key drivers of the downward trend. Regulatory changes implemented by the European Union further complicated matters, introducing additional pressures that intensified market instability. Moreover, Germany endured the steepest price drops within the region, reflecting the broader economic challenges that impacted stainless steel demand. Additionally, seasonality played a notable role in market trends, with prices consistently declining throughout the quarter as weaker market conditions aligned with reduced industrial activities in the latter half of the year. Despite industry efforts to stabilize the market, the prevailing environment remained uncertain and marked by shrinking demand and excess supply concerns.
APAC
The fourth quarter of 2024 marked a challenging period for the APAC stainless steel flat products market, concluding at USD 1,571/MT for SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai, representing a 5% decline from Q3 2024. This downward trajectory reflects a complex interplay of market fundamentals, economic conditions, and regional dynamics. The Chinese market, being the primary price influencer in the APAC region, experienced pressure from multiple directions. Supply chain disruptions coincided with significant demand weakness in key end-use sectors, notably construction and automotive. This combination created a perfect storm for price depression, with oversupply conditions exacerbating the downward pressure on market prices. Additionally, market sentiment remained predominantly bearish throughout the quarter, influenced by broader economic uncertainties and natural calamities that disrupted normal trading patterns. The expansion of production capacities in certain regions, coupled with subdued demand, further contributed to the oversupply situation, preventing any meaningful price recovery. Looking forward, while the current price levels reflect significant market corrections, the underlying fundamentals suggest that recovery might be gradual, dependent on improvements in demand-supply dynamics and overall economic conditions.
