Global stainless steel prices continued to strengthen in early March, most notably for 300 series coil and plate. Healthy demand, severe material shortages and extended lead times for alternate tonnages have supported this upward trend. This, along with strong raw material costs, pushed prices for these products to multi-year highs in Asia, Europe and the United States.

Sales figures in Asia increased in early March. However, a sharp drop in nickel costs in the first week led several steel companies to lower their prices in the middle of the month. Nevertheless, the average MEPS Asia trading value in March was at its the highest level since mid-2014. In recent weeks, many export offers to European customers have dropped by about $100 per tonne. However, some Asian producers reportedly prefer to supply their own markets rather than accept orders from overseas buyers.

In Europe, prices for stainless steel flat products rose further this month. in March, MEPS Europe's 304 cold rolled coil traded at an average value of €2,671 per tonne. This is a price level that European stainless steel producers have not reached since June 2011. Supplying remains tight across the region. Delivery times have been extended and some steel mills have orders scheduled through the summer. Imports of cold-rolled material remain subdued until the outcome of the European anti-dumping investigation into material originating in India and Indonesia is known.