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European stainless steel prices on an upward trendFebruary 3, 2012 - By Charlotte Stubben |
As previously predicted by MEPS, EU average stainless steel transaction values increased for all grades in January.
These advances were mainly due to increases in basis numbers.
Most of the growth in sales was due to a surge in inventory replenishment by customers looking to buy ahead of anticipated rises in the February alloy surcharges.
However, buyers kept a cautious approach to purchasing as they remain uncertain regarding price movements in the coming months.
Alloy surcharges are set to rise in February on the back of higher nickel, molybdenum and scrap costs. European mills are also likely to push for further increases in basis figures in the short term.
This should spur buying activity as customers purchase ahead of future price advances. Consequently, transaction values are forecast to climb over the next few months.
Most of the growth in sales was due to a surge in inventory replenishment by customers looking to buy ahead of anticipated rises in the February alloy surcharges.
However, buyers kept a cautious approach to purchasing as they remain uncertain regarding price movements in the coming months.
Alloy surcharges are set to rise in February on the back of higher nickel, molybdenum and scrap costs. European mills are also likely to push for further increases in basis figures in the short term.
This should spur buying activity as customers purchase ahead of future price advances. Consequently, transaction values are forecast to climb over the next few months.
Source: Meps
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