Stainless Steel (304) Price Trend and Forecast

Regional Price Trend

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 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.

Stainless Steel (304) Price Chart

Stainless Steel (304) Price Trends and Forecast

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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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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.

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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