Over the past few weeks, nickel prices have escalated by 10 percent. Chromium prices are expected to follow a similar pattern. Scrap costs are increasing. These factors are predicted to lead to stock replenishment by both distributors and end users as they attempt to buy ahead of higher stainless steel prices resulting from rising mill input costs.
MEPS forecasts that its benchmark, type 304, cold rolled Stainless Steel World Price will increase by $US850 per tonne over the next six months. The gain is expected to be driven by a combination of rising input costs and inventory building in the supply chains around the world