LONDON–(BUSINESS WIRE)–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Stainless Steel Market – Procurement Intelligence Report.
The stainless steel market is set to experience an impressive spend growth owing to the exponential demand of the 300 series grade stainless steel among end-user industries that seek to leverage its corrosion resistance property. By 2023, the stainless steel market is expected to reach a value of about USD 20 billion. However, according to our experts, extreme dynamism observed in the global stainless steel price structure will increase the risk of buyers exceeding their procurement budget. Factors typical of regions will play major roles in driving the stainless steel price dynamism during the forecast period. To get better insights into the region-specific stainless steel price trends, request the free sample of this stainless steel market procurement intelligence report.
This procurement intelligence report on the stainless steel market has provided insights into such factors are driving the market price. To help buyers leverage such insights and devise their procurement strategies accordingly, this report has provided stainless steel strategic sourcing inputs that will allow the buyers to optimize their procurement budget according to the stainless steel price trends.
Some Insights into Stainless Steel Price Trends
- A majority of supplier’s manufacturing expense will be contributed by the prices of raw materials such as iron ore, nickel, chromium, and molybdenum that are expected to undergo periodic volatility. Invariably, this will reflect on the procurement price in the stainless steel market.
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- Manufacturing of stainless steel entails the adoption of sustainable practices and compliance with pertinent regulations. In doing so, suppliers are incurring major expenditure which will have an inflationary impact on the stainless steel price in the market.
Stainless Steel Strategic Sourcing Insights to Address Inflationary Procurement Expenditure
“Such a skyrocketing price can be effectively addressed by gaining actionable insights into the stainless steel strategic sourcing practices that are specific to some of the key regions,” says SpendEdge procurement expert Tridib Bora.
- It is imperative for buyers to include appropriate price collars into their supplier contracts to offset the high volatility associated with pricing. If the right price bracket is not chosen, buyers might end up paying more.
- Select suppliers based on the distance of their production facilities and storage and distribution centers from buyers’ manufacturing hubs. This will help buyers gain cost-savings in logistics.
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