Material, Energy and Currencies Index

Scrap prices were flat this month and are up about 8% since the start of the year. Carbon steel valve prices should stay broadly stable. The main risk of increases comes from energy.

The 316L alloy surcharge is up 28% since December and rose again in November. Projects with 316L bodies or trims should keep their budgets at today’s level or higher.

Nickel rose 4% in the month but is still slightly below its level at the start of the year. The Q4 European ferrochrome price fell 2.6%. These alloy costs are stable for now.

Cobalt is down 35% since December, which should make cobalt-based hard-facing cheaper over time. The Stellite 6 list price has not changed. Tungsten carbide powder rose 15% in the last month after falling earlier in the year. Customers who specify tungsten carbide coated trims should expect prices to be reviewed when they order, and should confirm lead times.

The euro has weakened against all major currencies this year and fell slightly further in November. Since December it has lost about 6% against the US dollar, 10% against the Chinese yuan, 13% against the Korean won and 4% against the Japanese yen. Against the Indian rupee it is down 1% for the year, after a 3% fall this month.

For customers who buy in dollars or other currencies, valves priced in euro are now more competitive than at the start of the year. A weaker euro also makes raw materials priced in dollars, such as nickel and cobalt, more expensive in euro, and the material figures above already include this.