While predicting that the demand for stainless steel in the United States will remain unchanged in 2024, recent market trends suggest that stainless steel prices may continue to remain sluggish due to the decline in nickel prices. Despite stable demand expectations, this market trend has a significant impact on both stainless steel producers and consumers.

As the main raw material for stainless steel production, the decline in nickel price directly affects the production cost and price of stainless steel. Since the beginning of 2023, the price of 304 stainless steel waste has fallen by 10%, largely driven by the decline in nickel prices. This trend is expected to continue, mainly because consumer demand has not yet returned to normal after the COVID-19 epidemic and related turbulence.

According to the latest data from the International Stainless Steel Forum, in the first half of 2023, the global production of stainless steel waste smelting workshops decreased by 2% year-on-year to 28.44 million tons. This data reflects the supply and demand situation of the global stainless steel market. Meanwhile, in the first half of 2023, US stainless steel production decreased by 13.5% to 942000 tons. This data reflects the production and demand situation of the stainless steel market in the United States.

Overall, although it is expected that the demand for stainless steel in the United States will remain unchanged in 2024, the decline in nickel prices may lead to a downturn in steel prices. This will have a certain impact on stainless steel producers and consumers.