European CRC 304 stainless steel is assessed at €2,750-€2,850/mt entering June 2026, supported by LME nickel at $19,170/mt but capped by weak industrial demand and 65-70% European mill utilization. US CRC 304 holds a $400-600/st premium over European pricing due to Section 232 protection, assessed at $2,950-$3,200/st ex-works. The global stainless market carries an estimated 2-3 Mt structural surplus — Chinese mills producing ~38 Mt annually with export volumes pressuring every region behind tariff walls. Nickel, representing 50-60% of alloy surcharge cost, provides price support at current levels but the forward curve remains in contango, signaling adequate near-term supply.
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