The global stainless steel market faces significant supply-demand imbalances and high uncertainty. Recently announced tariffs by the US have hampered the initial recovery of the European economy and led to a decline in margins for major European steel mills, said the Executive Director of India-based Shabro Metallic Pvt Ltd.

Meanwhile, Chinese mills continue to raise production, exacerbating oversupply. India's finished stainless steel output increased, but scrap imports dropped during the April 2023-March 2024 period, and out of caution, steel mills are prioritizing order procurement rather than stockpiling.

The Middle East is experiencing upward price pressure due to rising raw material costs, supply chain issues, and energy costs.

Besides, in the nickel market, a shift towards nickel-free battery technologies has notably reduced demand for nickel-manganese-cobalt batteries, with a drop of 19%.