Inconel Price Trend and Forecast
Get the latest insights on price movement and trend analysis of Inconel in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Inconel Price Trend for the Q2 of 2024
Asia
The Asian inconel market closely resonated with nickel throughout the second quarter of 2024. After a tough first quarter, the market recovered, although slowly in the second quarter, but in general, it showed a healthy trend. The primary upward push to the market came from the depreciation of the US dollar as compared to Asian currencies, particularly the Chinese Yuan, which made the Asian produce much more economical in the overseas industries.
Inconel Price Chart
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Although, towards the end of the quarter, several challenges such as increasing freight charges, cautious approach of international players, and longer lead times asserted a negative influence on the market, the prices of inconel remained elevated in the market. The market players attribute this forward trend to the slump in Indonesian nickel production and export, constraining the global supply chains of inconel raw materials.
Europe
The inconel market in Germany showed a contrasting trend as compared to the Asian countries, with a decrease in prices starting from May, attributed to sluggish demand and various economic challenges. The slow economic growth, high energy costs, and rising inventory levels contributed to a decline in market activity despite increasing prices of nickel and chromium. The construction and automotive industries in Germany also faced a setback, negatively affected by reduced activity, decreased optimism, and port strikes, particularly in the construction sector.
The supply constraints in the global nickel market, coupled with geopolitical tensions and disruptions in the ferroalloy sector, further depreciated the market situation, leading to increased shipping costs and impacting the overall market dynamics. However, by June, inconel prices in Germany stabilized, reflecting a balance between the supply constraints and the subdued demand.
North America
In Q2 2024, the inconel market in the United States experienced significant price increases, driven by a combination of rising demand and lower inventory levels. The upward trend was particularly notable in May, influenced by sanctions on Russian raw materials, which impacted the trade of nickel, aluminum, and copper, thereby raising nickel futures prices.
Despite supply challenges, manufacturers remained optimistic, reflected in the surge of their raw material purchasing figures, which in turn was supported by growth in business activity and new orders, although new export orders saw a decline. Additionally, a sharp rise in input cost inflation also contributed to increased demand for inconel. The automotive industry also displayed robust growth, with a notable increase in the Light Vehicle Seasonally Adjusted Annual Rate, particularly in SUV and truck sales, which significantly impacted the inconel market.
Analyst Insight
According to Procurement Resource, the price of Inconel is expected to waver with the fluctuating sentiments of the nickel market and rising uncertainties in the procurement rates of the downstream industries.
Inconel Price Trend for the Q1 of 2024
Asia
In 2024, the global inconel market faced uncertainty regarding a potential rebound in Chinese nickel purchases. Increased production in Indonesia and China lead to a surplus, potentially driving prices down in the early phase of the first quarter. Last year's oversupply, resulting from Indonesia's export ban, led to a significant market shift and subdued dynamics of the downstream market during Q1 of 2024.
Indonesia's dominance in inconel production continued to pose challenges, prompting discussions of potential production cuts in China and Indonesia to counter falling prices. However, as the quarter progressed, the situation changed rapidly as Indonesian smelter stockpiles depleted, leading to a supply deficit by the end of the quarter.
Additionally, Australia's inconel industry faced challenges due to a collapse in global nickel prices, prompting BHP to consider placing its Nickel West division in long-term maintenance. The global price dropped due to increased supply from Indonesia, mainly from Chinese-owned mines. Australia, thus recognizing the strategic importance of inconel and other critical minerals, granted access to federal funding and royalty relief. Australia also thus looked forward to diversifying processing chains and establishing partnerships with other nations. However, challenges persisted, including China's influence and the need for domestic processing capacity.
Europe
The European inconel market experienced a significant surge in trading volume during the first quarter of 2024, with notable increases across various contracts compared to the previous quarters. Particularly noteworthy is the rebound in trading activity on the inconel, following disruptions that halted trading during Q4'23.
Despite this setback, nickel trading showcased resilience, contributing to the overall increase in trading volumes on the LME. Additionally, the disruption of Red Sea and Suez Canal routes due to the ongoing Houthi attacks on the shipments and lowering of water levels, respectively, limited the export and import volumes of the commodity in the region, extending the uncertainties of the inconel price trend during the first quarter of 2024.
North America
The US imposed sanctions on numerous entities in Russia, excluding its base metals industry, leading to a fluctuation in inconel price trends. However, prior to this announcement, nickel and inconel prices surged on assumptions of supply limitations due to potential sanctions. However, the market behaved opposite to the expectations of the traders resulting in oscillations in its pricing patterns.
The manufacturers then started to focus on demand-side concerns of the market, including challenges in China's macro backdrop, although the oversupply of the inconel in the market still persisted. Although Russian base metals initially avoided Western sanctions, the US's restriction on acquiring Russian-origin metals has complicated trading not only there but also in the domestic markets of the US as the market players started to search for alternatives.
Analyst Insight
According to Procurement Resource, the price trend of Inconel is expected to oscillate in the forthcoming quarters with the changing dynamics of metal trade between the industry giants.
Inconel Price Trend for the October - December of 2023
Product | Category | Region | Price | Time Period |
Inconel | Energy, Metals and Minerals | USA | USD 52500/MT | Dec'2023 |
Inconel | Energy, Metals and Minerals | Europe | USD 36900/MT | Dec'2023 |
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Asia
The bloom in Indonesian mining activities and the rise in their procurement of nickel and other metals resulted in an oversupply of inconel during the initial phase of the last quarter of 2023. However, the region lacked consumption, and with cautionary export to overseas players, the inconel price trend oscillated.
In the latter half of the quarter, Indonesia delayed mining output as it struggled with illegal mining activities. As the market faced supply shortages, steel producers from a number of nations turned to the Philippines for nickel ore, further hampering the inconel price trend. Additionally, weakened inconel demand also resulted from China's economic struggles, primarily in its real estate sector.
This downturn in the Chinese property market led to deflation and several economic challenges whose effect was not only limited to the nickel industry but could be seen in the slowing down of the EV batteries sector.
Europe
The Inconel industry in European countries is regulated by only a few numbers of producers as the domestic demand is well catered for by their production capacities. However, as the industrial sector around the globe has started ditching traditional fuels and has shown considerable interest in the EV batteries sector, the region looked forward to increasing its consumption of nickel and, in turn, inconel.
However, the outlook of automotive and other related downstream sectors did not work in favor of inconel market trend, and as a result, the inconel price trend remained uncertain throughout the fourth quarter of 2023.
North America
The fast-paced battery metals industries seemed to have lost their momentum in the last quarter of 2023 as the surge in supply rates outpaced the demand. Further, the depreciation in the cost of nickel and crude oil during this time also played a significant role in keeping the inconel price trend in the negative zone.
Additionally, the manufacturing sector also seemed under the pressure of an excessive rise in the cost of other industrially exclusive metals such as lithium, which slowed down the pace of growth and thus hampered the surge in inconel price trend.
Analyst Insight
According to Procurement Resource, the price trend of Inconel are expected to inch lower in the upcoming quarter as the global industrial bloom, especially in the automotive sector, will take a little longer to show its effect on inconel prices.
Inconel Price Trend for the July - September of 2023
Asia
Inconel, the superalloy of nickel and chromium, is usually used for mechanical manufacturing of high sophistication like aerospace components, gas turbines, powerplants, nuclear reactors, etc. So, the Inconel market trend are heavily dependent on the consumption by these downstream sectors. The quarter three of 2023 started on a lower note for Inconel.
The long economic and social battle during the peak COVID years put all industrial activities at a standstill. So, when the pandemic restrictions eased last year, the various industrial sectors aimed for a quick return to pre-COVID glory, particularly in China. However, the ingrained fear of social contact kept the pace of market recovery very restricted.
And to further complicate the situation, the hikes in global inflation disturbed the international demand outlook as well. So, with feeble demands from both domestic and international markets, the Inconel prices wavered at the lower side of the curve during the given period. An excess of supplies accumulated in inventories over time also pushed the Inconel market trend down. Overall, muted market sentiments were observed.
Europe
Since mechanical manufacturing, especially from the automobile sectors, finally picked up in Europe after a long time since the beginning of the Russia-Ukraine conflict, the market demands for Inconel also rose. This eventually led to an elevation in the Inconel price graph in Europe. Overall, a largely positive market outlook was experienced.
North America
The American Inconel market was heavily influenced by the Asian market since the price trend observed persistent depreciation attributed to the existing supply glut and feeble demands. Overall, bearish market sentiments were observed.
Analyst Insight
According to Procurement Resource, a mixed market dynamic is anticipated for Inconel going forward since both demand and supply outlooks remain uncertain.
Inconel Price Trend for the the First Half of 2023
Asia
A mixed trend in the prices of Inconel was observed in the first two quarters of 2023. Initially, the market was significantly affected by the lower production rates due to the onset of the Chinese Lunar New Year holidays, but within the subsequent months, the prices of raw materials inclined that had a positive influence on the price trend of Inconel. However, in Q2, the prices began to decline due to falling raw material costs and reduced demand from the propeller blades and motor sectors.
Europe
The European region witnessed a rise in the demand for raw materials used in Inconel production which drove their prices that in turn had a positive influence on the market of Inconel. Along with this, the increase in demand from overseas buyers, a stable trend in energy production costs, and optimistic sentiments of the European market fueled the growth of the Inconel market in a positive direction.
North America
A stable trend in the prices of Inconel was observed in the North American region. The market for Inconel was affected by the falling spot premiums, dwindling raw materials costs, and fluctuating market sentiments. In addition to this, the purchasing potential of the buyers was also stagnant, and the rising interest rates further added pressure on the Inconel prices.
Analyst Insight
According to Procurement Resource, the price of Inconel is expected to remain uncertain in the upcoming quarter. Given the current trading environment, the demand sector and oscillating costs of raw materials will likely affect the Inconel market.
Procurement Resource provides latest prices of Inconel. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
A series of nickel-chromium-based superalloys known as Inconel is renowned for its excellent resistance to oxidation, corrosion, and high temperatures. In these alloys, nickel and chromium are frequently present in high concentrations, along with small amounts of additional metals including iron, molybdenum, and niobium. Inconel alloys are ideal for severe settings including gas turbine engines, aircraft components, and nuclear reactors because of their exceptional strength and ability to preserve structural integrity at high temperatures.
Their usage in chemical processing, maritime applications, and heat-treating equipment is made possible by their resistance to oxidation and various corrosive fluids. The combination of Inconel's attributes makes it a dependable material under extreme high-temperature conditions.
Report Features | Details |
Product Name | Inconel |
Chemical Formula | (Ni, Cr, Fe)x(Nb, Mo, Ti)y |
Industrial Uses | Aerospace components, Gas turbines and power generation, Chemical processing, Catalyst support grids, Nuclear reactors |
HS Code | 75062000 |
Supplier Database | JLC Electromagnet Pvt. Ltd, Wanlutong Metal Group, VDM Metals Group, ATI , Nippon Steel Corporation, Sumitomo Corporation, Haynes International, HY Industry |
Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
Currency | US$ (Data can also be provided in local currency) |
Supplier Database Availability | Yes |
Customization Scope | The report can be customized as per the requirements of the customer |
Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
A superalloy called Inconel is mostly made of nickel and chromium. Other metal elements included in it include phosphorus, iron, molybdenum, aluminum, copper, etc. The metal alloy is produced commercially using the powder-bed additive manufacturing technique, which involves employing a heat-producing power source, such as a laser or thermal print head, to transform the metal from powder to a material for three-dimensional structures. Selective laser sintering, electron beam melting, and binder jetting are metal manufacturing processes that can handle Inconel alloy.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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