Most stainless steel sheet prices in the United States rose in May, driven by higher alloy surcharges, while tightening supply has prompted many buyers to seek out new sources to meet their needs, according to market participants.
Fastmarkets' monthly price assessment for stainless steel 304 cold-rolled sheet, fob mill US was at $160 per hundredweight ($3,200 per short ton) on Monday May 10, up by 2.56% after dropping to $156 per cwt on April 12.The assessment for stainless steel 304L cold-rolled sheet, fob mill US was at $162 per cwt ($3,240 per ton) on May 10, up 2.53% from $158 per cwt on April 12. The price for stainless steel 316L cold-rolled sheet, fob mill US held at $205.50 per cwt ($4,110 per ton) on Monday, unchanged from April.Higher prices for stainless steel sheet were primarily driven by rising alloy surcharges this month. Three of the four largest domestic stainless manufacturers raised their surcharges for Type 304 material by 4.15 cents per lb, given rising costs for chrome, molybdenum and manganese; those steelmakers lowered the surcharges for nickel-heavy Type...