Stainless Steel (304) Price Trend and Forecast

Stainless Steel (304) Regional Price Overview

Get the latest insights on price movement and trend analysis of Stainless Steel (304) in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).


Stainless Steel (304) Price Trend for the Q1 of 2024

Product Category Region Price Time Period
Stainless Steel (304) Energy, Metals and Minerals USA 2000 USD/MT March 2024
Stainless Steel (304)) Energy, Metals and Minerals India 2442 USD/MT March 2024

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Stainless Steel (304) Price Trend for the Second Half of 2023

Product Category Region Price Time Period
Stainless Steel (304) Energy, Metals and Minerals India 2495 USD/MT July’23
Stainless Steel (304)) Energy, Metals and Minerals India 2568 USD/MT December’23
Stainless Steel (304)) Energy, Metals and Minerals USA 2706 USD/MT July’23
Stainless Steel (304)) Energy, Metals and Minerals USA 2188 USD/M December’23

Stay updated with the latest Stainless Steel (304) prices, historical data, and tailored regional analysis


Stainless Steel (304)’s market performance was quite positive during the second half of the year 2023. The prices were mostly found to be fluctuating; however, the overall market sentiments were largely optimistic. In the Indian market, the average monthly spot prices went from about 2495 USD/MT in July’23 to around 2568 USD/MT in December’23, registering a growth of approximately 2%.

Stainless Steel (304) Price Chart

Stainless Steel (304) Price Trends and Forecast

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In China, however, an increased production of steel in the concerned financial year brought the prices down. The supply and demand dynamics were largely at parity in the country, and thus, the market rates were found to be wavering within very narrow ranges throughout the said period. Overall, the regional dynamics for stainless steel (304) were largely mixed.


The European stainless steel (304) market was mostly riddled throughout the given span. The region’s domestic production took a hit as the ongoing Russia and Ukraine war impacted the supply chains and logistics. On the other hand, Israel and Hamas conflict curtailed the supply chains even more for European markets. The Black Sea deal was already off the table when the Red Sea crisis emerged. Houthis started attacking the ships in the Red Sea, which proved detrimental to the offshore trade of European markets. Overall, a tepid trend was witnessed for stainless steel (304) in Europe.

North America

Stainless steel (304) prices were found to be following a downward trajectory in the American markets. The monthly average prices went from about 2706 USD/MT (9% Min Ni) in July’23 to around 2188 USD/MT (9% Min Ni) in December’23. This caused a downfall of about 19% in the US stainless steel (304) market. Overall, dull market sentiments were observed in H2’23.

Analyst Insight

According to Procurement Resource, Stainless Steel (304) is likely to show persistent regional variations in the coming quarters as well. The domestic and international outlooks are playing out differently for key stainless steel (304) markets.

Stainless Steel (304) Price Trend for the First Half of 2023


The price trend of stainless steel (304) fell consistently in the first and second quarters of 2023. The initial phase of the first quarter suffered from the rise in the level of inventories due to decreased demand from the downstream industries. However, after a long period of stagnancy in the Chinese market, manufacturing activities surged, but the sluggish movement of domestic and international markets hampered the rates of procurement.


In the first quarter, the market for stainless steel (304) was supported by lower import levels and rising inquiry rates that helped the prices to grow. Consumption and customer interest, however, lagged, and obstacles were presented by growing product inventories. The second quarter saw a temporary price increase brought on by rising material costs and improving automotive conditions. Nevertheless, prices decreased as a result of low-cost imports and global economic uncertainty.

North America

Similar to the trend of prices seen in European countries, the prices of stainless steel (304) were stable in the first quarter of 2023. However, the support from downstream industries declined in the second quarter under the pressure of recession, rising levels of inventories, and reduced interest of buyers in this sector. In the second quarter, the high cost of raw materials and slight gains in demand only supported the market trend during the initial phase, but soon, the debt crises, restricted purchasing potential of buyers, and uncertain market sentiments caused the price trend of stainless steel (304) to decline.

Analyst Insight

According to Procurement Resource, the price trend of Stainless Steel (304) is expected to face southwards with falling demand dynamics and highly uncertain conditions of downstream industries.

Procurement Resource provides latest prices of Stainless Steel (304). 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.

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About Stainless Steel (304)

Stainless steel (304) is also known as 18-8 stainless steel which is widely employed in the austenitic stainless-steel alloy. It is primarily composed of iron, chromium, and nickel with trace amounts of manganese and silicon. It has excellent corrosion resistance and is popularly employed in applications which involve exposure to moisture, chemicals, or acidic environments. It is also non-magnetic, versatile, and easy-to-fabricate and thus is used in industries such as food processing. Architecture, medical equipment, transportation, and several other related fields.

Stainless Steel (304) Product Details

Report Features Details
Product Name Stainless Steel (304)
Industrial Uses Transportation, Textile industry, Mining and quarrying, Petroleum industry, Oil and gas
HS Code 72193420
Supplier Database Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, POSCO, ThyssenKrupp Stainless GbH, Yieh United Steel Crop
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.


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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