Aluminium and copper

Like other metals, aluminum and copper also reacted to Trump's announced new tariffs. After a period of increases, the metals took a big drop of up to 12%. However, prices have recovered slightly and are now stable, but still at a lower level than before Trump's inauguration as president. The uncertain prices make consumers nervous and put a pressure on the consumption, which means that the aluminum mills in particular are in lack of orders.

We expect prices to continue to stabilize as more countries enter into dialogue with the US and make new tariff agreements in the coming period. The biggest uncertainty is what new ideas we will see from Trump - all eyes are on the US.

Aluminium
Aluminum prices have decreased by 12% since March. We experience that every news from the US affects prices and therefore we see daily fluctuations on the metal prices the mills are lacking orders and there is still available capacity for delivery within 3 - 4 weeks.

Copper
The copper price is approximately 6% lower than the price in March. Mills are still reporting stable activity and delivery times are still 5 - 6 weeks.

Product news

Tubes (Seamless)
In the area of seamless pipes, we see a relatively unchanged situation: European manufacturers offer short delivery times, but their prices are far from the prices we can achieve for imported goods. In India, for example, there are more players offering their products for export to Europe - in a market that is already oversupplied. Damstahl works with a few secured partners here and remain very cautious due to the customs regulations for the origin of the material too.

Tubes (Welded)
The necessary publication of a revised European price list end of Q1 containing price increases has, to some extent, been implemented in the market. A minor rebound, however, has been seen in Q2, primarily for less refined products.

Demand in the Nordic markets is stable, among other segments driven by the food- and pharma industry whereas the market sentiments in Central- and Southern Europe are less positive.

The business model for the traditional and leading stainless steel welded tube- and pipe mills in Europe has been undergoing a transformation in the past years and sales from mill stocks are now, unlike before, covering most of the volumes, allowing buyers to reduce stocks and increase stock rotation.

Fittings and flanges
As of mid-2025, the global order situation for stainless steel fittings and flanges remains stable, with consistent supply levels and manageable lead times across most regions.

While specific price data for flanges is limited, they are closely tied to stainless steel prices. The current oversupply and fluctuating raw material costs in the stainless-steel market suggest that flange prices are expected to be under pressure which will continue to impact the European market. The market is expected to remain volatile due to ongoing oversupply and geopolitical tensions. Potential stabilization may occur if global demand increases, and supply balances are achieved. However, factors like China's economic performance and international trade policies will play important roles.

Bars
The procurement situation in Europe and India remains relatively unchanged.

In Europe, we continue to see stable base prices, short delivery times and plants that are unable to utilize 100% of their capacities due to a lack of demand.

However, we are also increasingly hearing reports from India that production capacities are approaching oversupply and prices are coming under massive pressure as a result. In addition, more and more players are entering the market who do not have their own smelters, and it is not yet clear where the raw material for this is being sourced - due to the price pressure, imports from China or Indonesia to India may increase, so we remain extremely cautious when selecting our suppliers.

Despite the current conflict between Pakistan and India, we experience limited disturbances in the supply-chain as the two parties relatively fast agreed on a ceasefire recently.

Sheets & plates
Following the expected moderate price increases in Q1, large imports from mainly Taiwan-origin stainless steel cold rolled material in the beginning of Q2 have put pressure on the market prices in Europe.

Despite the import risks, the weak US Dollar is continuing to make import offers attractive to European buyers. Consequently, expectations for a further softening of European stainless-steel prices for flat products are expected by many market participants during the summer season.

However, with rising production costs and a projected increase in nickel prices, EU producers are likely to face limited scope for further price reductions. This may compel them to consider additional capacity cuts, even as demand is expected to pick up in the second half of 2025 - potentially leading to moderate price increases.