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North America

In Q1 2024, Monel pricing dynamics in North America were analyzed beyond the usual top influences. The USA significantly impacted pricing trends, with notable fluctuations occurring in this region. Monel prices exhibited a mixed trend during the quarter, influenced by a balance between decreasing inventories and modest sectoral growth.

Supply remained stable, with no plant shutdowns reported. However, declining steel import permits and reduced steel inventories affected Monel’s overall supply dynamics. Demand saw a moderate increase, particularly from the automotive and infrastructure sectors. US government initiatives to reduce pollution and promote electric vehicles led to higher Monel demand in the steel market.

Despite these trends, uncertainties and limited visibility led to buyer reluctance in making purchases. Year-over-year, Monel prices in Q1 2024 showed a slight increase compared to the same quarter last year and were also higher than in Q4 2023. Monel pricing dynamics in North America are influenced by various factors, including supply and demand dynamics, import effects, global market trends, and macroeconomic uncertainties.

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Asia-Pacific

In Q1 2024, Monel pricing dynamics in the APAC region exhibited nuanced trends influenced by multiple factors beyond the conventional top influences. While the overall market situation remained stable, Japan experienced significant price fluctuations. Supply shortages in Japan resulted from automotive manufacturers’ production suspensions, impacting steel output, a crucial component of Monel alloy. Labor shortages at Nippon Steel further strained the industry.

On the demand side, Japan saw a surge in Monel demand due to a collaboration between Kobe Steel and China Baowu Steel Group to produce lightweight aluminum panels for the growing electric vehicle industry. This joint venture prioritized Monel as a crucial material within the automotive industry, creating significant growth opportunities for manufacturers and suppliers specializing in nickel-copper alloys. Despite supply chain challenges, no plant shutdowns were reported during the quarter.

Europe

In Q1 2024, Monel pricing dynamics in Europe were influenced by factors beyond the usual top three. Germany experienced an overall increase in Monel prices. A spike in nickel prices in February had a substantial impact on the Monel supply chain, with the European Commodity Exchange (LME) seeing a 3.5% increase and the Asian SHFE seeing a 3.1% increase. Fluctuating mill outputs and rising domestic demand reduced Monel availability, attributed to new US sanctions against Russia. The consequent rise in nickel and freight costs hampered Monel production, causing a spike in prices on the German spot market.