moved sideways with a modest 1.41% decline from October to November. All in all, the stainless steel price movement primarily reacted to volatility in nickel trading.remained within their short-term range. By November, however, prices began to see upside price action with a sharp rally. The question is whether this is a true reversal or mere volatility. To qualify as the former, prices would need to sustain bullish market sentiment long enough to create a pattern of higher highs.
Stainless flat-rolled buyers have immediate opportunities for favorable spot pricing. Indeed, transactional prices are lower than in October due to the decline in the alloy surcharge. For instance, the November 304 alloy surcharge declined $0.1133 / lb to $1.1117 / lb. This was due mainly to dips in ferrochrome, energy, and ferrosilicon prices. Meanwhile, the inventory overhang continues to put more downward pressure on the 304 spot price.
In the complaint, the EU stated that the ban unfairly restricted its access to vital raw materials. Primarily, the ban limits the ability of stainless steel producers to access nickel. Indonesia accounts for around 38% of global nickel production, giving the nation significant market clout.Indonesia’s decision to implement the ban aimed to attract new investments.
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