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.
For the Quarter Ending September 2024
North America
In Q3 2024, the North America region witnessed a notable increase in Stainless Steel (Flat) prices, with the USA market experiencing the most significant fluctuations. Several key factors influenced this pricing surge. Firstly, strong market fundamentals and robust trading activities contributed to the upward trend. Additionally, heightened demand from various sectors, such as construction and automotive, played a pivotal role in driving higher prices. The stable supply chain and limited disruptions further supported the price surge, ensuring a consistent flow of materials to meet the escalating demand.
In the USA specifically, the pricing environment exhibited a positive trajectory throughout the quarter. Seasonality and correlation in price changes indicated a steady upward momentum, with a 5% price increase observed between the first and second half of the quarter. Despite facing challenges such as increased imports and geopolitical issues affecting overseas demand, the USA Stainless Steel (Flat) market remained resilient.
The quarter culminated in a price of USD 3922/MT for SS 304 HR Plate (6 x 1250 x 2000) DEL Texas, underscoring the overall positive pricing trend in the region.
APAC
The third quarter of 2024 for Stainless Steel (Flat) in the APAC region has been characterized by a significant decrease in prices, influenced by various factors. The market experienced a challenging environment with oversupply issues, weak demand, and economic uncertainties playing a pivotal role in driving prices downward. Factors such as disruptions from natural calamities, production expansions, and subdued market sentiment have collectively contributed to the negative pricing trend.
In China, which witnessed the most substantial price changes, the market faced challenges such as supply chain disruptions, reduced demand from key sectors like construction and automotive, and a general economic slowdown. The overall trend in Stainless Steel (Flat) pricing in the region has been negative, with a noticeable correlation between market conditions and price movements. The quarter recorded a decrease of 3.6% from the previous quarter, with a 2.5% decline noted between the first and second half of the quarters.
The quarter-ending price stood at USD 1653/MT of SS 304 HR Plate (6 x 1250 x 2000) Ex Shanghai, reflecting the prevailing decreasing sentiment in the market.
Europe
In Q3 2024, the Stainless Steel (Flat) market in Europe experienced a period of declining prices, influenced by a combination of factors. Global supply chain disruptions, subdued demand in key industries like construction and automotive, and regulatory changes from the European Union all played a significant role in driving prices downwards.
These challenges were particularly pronounced in Germany, where the market saw the most significant price changes. The overall trend in the region indicated a negative sentiment, with prices experiencing a consistent decrease throughout the quarter. Seasonality and correlation in price changes were evident, comparing the first and second half of the quarter, prices showed a decline of 1%. Despite the efforts to navigate these challenges, the quarter ended with Stainless Steel (Flat) prices at USD 3613/MT for SS 304 HR Plate (8 x 1350 x 2000) Ex Ruhr in Germany.
The quarter was characterized by a bearish market sentiment, with a pricing environment reflecting a challenging and uncertain landscape.
Frequently Asked Questions (FAQs):
1. What is the current price of Stainless Steel (Flat)?
Prices vary by region, with North America and APAC registering quarter-over-quarter declines in Q2 2025, while Europe saw a more modest drop. As of July 2025, the price of Stainless Steel (Flat) was settled at USD 2,020/MT on a CFR Shanghai basis, reflecting supply overhangs, subdued demand, and intensified global competition.
2. Who are the top Stainless Steel (Flat) producers in North America and Europe?
Key producers in North America include North American Stainless (NAS), Outokumpu USA, and Cleveland-Cliffs, all of which maintain integrated mill operations. In Europe, leading producers such as Acerinox, Aperam, and ArcelorMittal drive the flat-rolled stainless market, with production centered in Germany, Belgium, and Luxembourg.
3. What is the Stainless Steel (Flat) Price Forecast for Q3 2025?
The forecast suggests continued bearish to neutral trends across all major regions. In North America, tariff-related cost pressure and slow demand recovery may limit price gains. In APAC, aggressive exports and weak construction demand could further suppress prices, while European pricing is likely to stay under strain unless local consumption improves or protective trade measures tighten.
4. How is the Stainless Steel (Flat) Production Cost Trend impacting global prices?
Production costs eased modestly in North America and APAC in Q2 2025, with declining scrap input prices and falling freight rates offering some relief. However, European mills continue to face elevated energy and compliance costs, restricting their ability to reduce prices further. Despite these cost variations, demand weakness remains the overriding factor shaping global price movements.
