Market update for OSTP Group Customers:
The current tragic events in the Ukraine are leading us into unprecedented times with financial and commodity markets in complete turmoil.
Nickel is currently at a 15 year high reaching today at one point 43500 $/T whilst key energy sources (O & G) are also at 14 year record levels and expectations are for still further increases.
Increasingly we also see impacts and further disruptions to marine shipping and global supply chains limiting what can be done to mitigate matters short term with alternative sourcing.
Undoubtedly other key materials for the Stainless Steel industry will, if not already, follow a similar trend Scrap, FeMo, FeCr, Ti etc.
At OSTP we are doing our utmost to ensure we are able to continue to supply the products needed by our customers with the minimum possible of disruptions and delays.
However with many raw material producers cancelling their price lists overnight and limiting offers to an hour by hour validity basis we are forced to inform you that we too will need to limit the validity on our offers to 1 day and are forced to withdraw all current market price lists effective from COB 7-3-22 until further notice.
We strongly recommend that you do not panic but that you review your faster moving stock item needs for Apr / May & Jun and discuss with us through your normal contact routes so we can best support you.
It is unavoidable now that both Base and AAF’s rates will undoubtedly increase substantially and some availability impacts could develop.
It will only be through working openly together that we can minimize the inevitable impacts during these most difficult times.