Hastelloy Price Trend and Forecast
North America
In North America, the Hastelloy prices
stagnated in the final quarter of 2022 amidst fluctuating demand outlook and
raw material prices. Nickel had a turbulent year following the outbreak of the
Russia-Ukraine war in February, a short squeeze in March, and the fragmentation
of physical nickel forms due to the rapid rise of class 2 and intermediate
products. However, the macroeconomic-driven broader economic downturn has
delayed the return of absolute stability. The LME decided to maintain the
status quo in mid-Q4. Hastelloy producers claim that changes in alloy
surcharges and mill raw material costs will be the primary factors influencing
Hastelloy prices in 2022. As input demand fell and materials became more
readily available at suppliers, inflationary pressures were relieved even
further. As a result, Hastelloy C-276 prices for Ex Florida (USA) were fixed in
December at USD 135070/MT.
Asia Pacific
Towards the closure of Q4, the
Hastelloy prices edged downward in the Chinese market amid fluctuating raw material
Nickel costs and demand dynamics. According to market participants, demand for
Hastelloy increased in October due to frequent positive developments in the new
energy industry chain. The profit margin on stainless steel increased, causing
the steel plant to maintain a high production schedule. Furthermore, demand
support continued to deteriorate, implying that ferronickel had more room to
fall. Production scheduling increased again in November, bucking the trend and
boosting Nickel Power
demand. As the market entered the off-season, the market's potential
negative effects became apparent. Molybdenum prices in China reached an
all-time high at the end of 2022, and the price continues to rise due to rising
demand and tighter supply caused by the Russia-Ukraine war and China's
production cuts. According to market participants, the molybdenum price in
China has been high, and Hastelloy prices are likely to rise again in February
due to difficult procurement. As a result, the Hastelloy C-276 price
discussions for Ex Shanghai (China) settled at USD 42490/MT.
Europe
In the fourth Quarter of 2022,
the Hastelloy prices showcased an upward trend in the German market amidst
fluctuating demand outlook and limited product availability. According to
market participants, nickel prices have been trading sideways in recent months
as volumes have fallen to record lows. Nickel volume remained historically low
in mid-Q4, while nickel prices remained within their short-term range.
Participants in the market noted that strong Chinese demand and a narrow spread
between oxide and alloy in Europe could limit any short-term falls. As a
result, the Hastelloy C-276 discussion for Ex Werdohl settled at USD 47230/MT.
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