In the first and second quarters of 2023, the stainless steel (304) market in Asia witnessed consistent declines in its price index. Initially, the first quarter saw a surge in inventories as demand from downstream industries weakened. Despite a resurgence in manufacturing activities in China, procurement rates were hampered by sluggish domestic and international markets.

In Europe, the first quarter saw support for prices due to lower imports and increased inquiries, although consumption and customer interest remained subdued. The second quarter briefly experienced price hikes attributed to rising material costs and improved conditions in the automotive sector. However, this was short-lived as prices declined again due to the influx of low-cost imports and global economic uncertainty.

Meanwhile, North America observed stable prices in the first quarter, followed by a decline in the second quarter. Factors such as recessionary pressures, inventory build-up, and reduced buyer interest contributed to this downturn. Despite a brief support from high raw material costs in the second quarter, the stainless steel (304) price index eventually fell due to various challenges in the market.

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Definition

Stainless steel 304 is a corrosion-resistant alloy composed mainly of iron, chromium (18-20%), and nickel (8-10%). It is known for its excellent corrosion resistance, making it suitable for various applications, particularly in environments prone to moisture and corrosion. Stainless steel 304 exhibits high strength, durability, and a smooth, attractive finish. It is non-reactive with food and beverages, making it commonly used in kitchen appliances and food processing equipment. Additionally, its versatility and resistance to rust and staining make it a popular choice in industries such as construction, architecture, and automotive manufacturing.

Key Details About the Stainless Steel (304) Price Trend:

Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Stainless Steel (304) in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.

Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.

The Stainless Steel (304) Price chart, including India Stainless Steel (304) price, USA Stainless Steel (304) price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.

Industrial Uses Impacting the Stainless Steel (304) Price Trend:

Stainless steel 304 is extensively utilized across various industrial sectors due to its outstanding properties. Renowned for its corrosion resistance and durability, it is a preferred material in the food and beverage industry, where it is employed in equipment such as tanks, pipes, and food processing machinery. In construction and architecture, its aesthetic appeal, strength, and ability to withstand harsh weather conditions make it a popular choice for building facades, roofing, and structural components. Its inert nature also renders it indispensable in the pharmaceutical and medical sectors, where it is utilized in the manufacture of surgical instruments and medical devices. Moreover, its versatility and reliability make it a key material in automotive components, chemical processing, and numerous other applications.

Key Players:

• Acerinox S.A.
• Aperam Stainless
• ArcelorMittal
• Baosteel Group
• Jindal Stainless
• Nippon Steel Corporation
• POSCO
• ThyssenKrupp Stainless GbH
• Yieh United Steel Crop

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