US stainless steel prices forecast to reach 9-year high

The past twelve months were a turbulent time for all those involved in the US stainless steel market, according to the steel market analysis company MEPS. In a dramatic turnaround, the unprecedented pandemic-induced slump in steel requirements was superseded by strong demand, stock shortages and soaring prices.

Many industrial sectors witnessed a rise in new orders during the final few months of 2020. Consequently, factories began to boost their output. The IHS Markit US Manufacturing PMI rose to 59.2 in January – its highest level since the indicator began.

The unexpectedly quick recovery in demand resulted in supply chain bottlenecks. Moreover, the rebound in activity is leaving manufacturers, in the automotive, white goods and agricultural segments, short of material and parts to maintain their production schedules.

Source: MPES, Photo: Fotolia