Outokumpu, a Finland-based stainless steel company, raised its surcharge of stainless steel for April to EUR 3,251/ton for grade 304 (1.4301) from April.

As a result, the new price for stainless steel cold-rolled coil will be more than EUR 5,000/ton, based on the formula used by all steelmakers. The price was not accepted by buyers as the market is still in uncertainty.

Market participants thought that the surcharge not based on the traditional formula plus a fixed price for flat-rolled steel products might help normalize the market.