Stainless Steel Expects Stabilization With Falling Nickel Prices

By Shubhendra Anand , 15 July, 2024

Nickel prices are facing downward momentum in the metal market in 2024. The prices for nickel in the market have grown in the past months but have fallen again. Therefore, surveys from the March 2024 metal market show mixed signals for the stainless steel market in 2024.

According to a survey conducted in 2024, the stainless steel market faces a shaking position in the metal market. It is due to the changing prices of nickel in the first half of 2024. Nickel prices have created a balance in the past months with the growing momentum of market prices. However, nickel prices fell due to a bearish outlook in the metal market. The overall situation of the metal market faced a downfall in demand throughout 2023. It is expected that the same situation will continue in 2024. The metal market faced less consumer demand due to a falling economy, other monetary tightening in various nations, and other economic problems. Experts analyzed that metal prices will fall by 5 percent in 2024; however, they will attain stability by the end of 2025.

The stainless steel market has improved prices and demand to date in 2024. However, the stainless steel market position still gives mixed signals. It shows a green signal with a particular growth in the demand graph, whereas the overall condition is weak in the market. Therefore, stainless steel is expected to get chances for growth amid falling nickel prices in the market.

                Metal Index Of Stainless Steel Fell From April 2023- April 2024