Outokumpu raises stainless steel prices
Finish stainless steel giant Outokumpu has announced price increases from the 1st of July. The increases announced first in the UK of 10% where widely expected on the back of production cuts. Similar price increase are expected to follow from the major three other stainless steel producers Thyssenkrupp, Arcelor and Acerinox.
All stainless steel producers have had a hard time following reduced demand and falls in Nickel which has pushed them into a loss making situation. Production cutbacks have taken time to take effect due to the global slow down in demand and the high inventories of both distributors and end users.
Now with summer shut downs not far away lead times are going out and Nickel prices remain firm above $13,700 per tonne the time could now be right for prices to increase.
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