Stainless-steel is majorly used in sectors such as transport, railways, and aerospace. The rapidly increasing demand for stainless-steel from these sectors is fueling the market growth.
LONDON: The procurement research report on the stainless-steel market is an indispensable part of SpendEdge’s agro commodities and raw materials category portfolio and offers an comprehensive assessment of the key factors influencing the supply market, procurement decisions, pricing models, and procurement best practices. Furthermore, it also offers an in-depth analysis of the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.
As stainless-steel is infinitely recyclable and has several useful functional properties such as durability and corrosion resistance, it finds use in several applications in industries such as construction, automobiles, and consumer goods. New grades of steel and their applications have emerged to replace conventional materials. This is one of the key reasons driving the growth of the global stainless-steel industry.
Price volatility (due to changes in prices of raw materials) and high import duties can lead to significant fluctuations in the pricing of stainless-steel. Hence, buyers need to incorporate favorable terms in contracts to negate the effect of fluctuations in prices
“Price volatility (due to changes in prices of raw materials) and high import duties can lead to significant fluctuations in the pricing of stainless steel,” says Anil Seth, an agro commodities and raw materials industry procurement research specialist at SpendEdge. “Hence, purchasing managers need to incorporate favorable terms in contracts to negate the effect of fluctuations in prices,” added Anil.
Purchasing managers might not be proficient at understanding the kind of surface finish required to ensure maximum corrosion resistance. Hence, this might result in the procurement of stainless-steel that does not have an adequate surface finish, resulting in higher costs for rectification or new material procurement.
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