For months, buyers have had the benefit of opportunistic pricing on transactional stainless 304 business. Inventories throughout the entire supply chain continue to be working their way down. Service centers continue to compete against each other at tight margins which should continue for a couple more months. U.S. flat-rolled mills have short lead times and have broadened the product portfolio to light gauges and slit widths. Import offers abound although recent import figures show that buyers are shying away in order to minimize risk.
Stainless steel prices continue to drift sideways, while high inventories among service centers and consumers suggest that stainless remains a buyer’s market. According to WorldStainless, global consumption will expectedly see zero year-over-year growth in 2023 amid ongoing macroeconomic pressures. Notably, cold rolled stainless demand will show the most weakness among stainless products, with a forecasted 0.2% year-over-year decline.
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