Stainless steel prices in the United States rose in June, moving in tandem with higher surcharge costs; meanwhile, base prices held steady while mills maintained lower production levels to keep supply closer to demand, which rose modestly.
Fastmarkets' assessments for stainless steel 304 cold-rolled sheet, fob mill US and for stainless steel 304L cold-rolled sheet, fob mill US both rose by $4 per hundredweight to $116 per cwt and $118 per cwt respectively on Wednesday June 10. The price for 316L cold-rolled sheet rose by $6 to $152 per cwt.Higher surcharges in June were driven by price increases for nickel, iron and molybdenum.The London Metal Exchange's three-month nickel contract closed the official session on June 10 at $12,952 per tonne ($5.87 per lb), up by 5.7% from $12,256 per tonne ($5.56 per lb on May 11. The June 10 price was down by 8.6% from $14,165 per tonne at the start of this year. Most market participants noted an uptick in activity in June over the low levels seen in April and May. Even so, business mostly remains well below levels seen early in the year."We're getting feedback from our customers...