The MEPS (Management Engineering and Production Services) world average stainless steel price is expected to extend its slow recovery due to rising raw material costs and local supply tightness in several regions. The world average price for 304 cold rolled coil increased, marginally, last month, to a figure just 3.6 per cent below the number recorded one year ago.
In North America, US government tariffs on Asian imports will continue to tighten supply of cold rolled coil and put upward pressure on basis figures. Anticipated rises in raw material costs should result in further increases in transaction values, during the first half of next year. The effective price for type 304 cold rolled coil is forecast to be 6 per cent higher, in August 2017, than August 2016s figure.