904L Stainless Steel Price: Comprehensive Market Analysis and 2025 Purchasing Guide

The 904L stainless steel price significantly fluctuated in 2024–2025 as it was influenced by volatile nickel prices, the changing demand landscape in chemical processing and marine sectors, and shifting trade dynamics. This high-quality super-alloy demands premium rates as it offers extraordinary corrosion resistance, which is crucial for industries that need to withstand aggressive environments. This article includes current pricing data, regional market perspectives, and sensible purchasing suggestions for those buyers currently struggling through the 904L market condition.

Product Overview

Complete Material Designation: 904L Austenitic Stainless Steel (UNS N08904)

Popular Grades and Standards:

• ASTM: B625 (plate/sheet/strip), B673 (forgings), B677 (UNS N08904)
• EN/DIN: 1.4539 (X1NiCrMoCu25-20-5)
• JIS: SUS 890L
• AFNOR: Z2 NCDU 25-20

Typical Chemical Composition:

Key Mechanical Characteristics:

• Tensile Strength: 490–590 MPa (71,000–86,000 psi)
• Yield Strength: 220 MPa minimum (32,000 psi)
• Elongation: 35% min (in 50 mm)
• Hardness: ≤200 HB (Brinell)
• Specific Gravity: 8.00 g/cm³

Common Commercial Dimensions:

• Plates: 3–100 mm thickness × 1,000–2,500 mm width
• Coils/Sheets: 0.3–6 mm × 1,000–1,524 mm
• Bars: Ø10–300 mm (round), 10×10 to 200×200 mm (square)
• Pipes/Tubes: Schedule 5S to XXS, Ø6–610 mm

Primary Applications:

1. Sulfuric acid production and storage tanks.
2. Phosphoric acid processing plants.
3. Oil & gas offshore platforms (seawater environments).
4. Pulp and paper digesters and bleaching equipment.
5. Desalination and wastewater treatment systems.
6. Pharmaceutical and biotechnological reactors.
7. Flue gas desulfurization systems.

Global Price per Kilogram (Current Snapshot)

Local Spot Price Range International (November 2025): USD 6.50–10.50/kg (FOB main ports)

The 904L stainless steel price varies greatly by the product form, finish, qualification certification level, as well as country of origin. Made out of an objective basis, the current market pricing is broken down as follows:

Based on Product Form:

• Heavy Plate (cut to size): USD 7.50–10.50/kg
• Round/Flat Bar (industrial grade): USD 6.50–9.50/kg
• Seamless Pipes and Tubes: USD 6.50–10.00/kg
• Welded Tubes (commodity lengths): USD 6.50–8.50/kg

Accredited Pricing Sources:

• MWalloys Market Analysis: Had stated in September 2025 that mid-2025 mercantile PSF pricing is found in standard forms varying in actualities between USD 6.5–10.5/kg and with higher upticks with certified, etc., heavy plate and seamless. [Source: MWalloys.com]
• Sichuan Huitai Special Metals: Quoted 904L on July 2024 at USD 10.50/kg for certified goods with full traceability. [Source: HTSpecialMetals.com]
• IndexBox Market Intelligence (February 2025): The historical scenario states that prices of early 2023 stood at $4.00-$6.50 per ton ($4.00-$6.50 per kg), showing a price appreciation of 30-40 percent since early 2023. Subsequently, the nickel price rallies were continuous. [Source: IndexBox.io]

CIF Premium to Major Importing Hubs:

• Rotterdam (Europe): +$0.40-$0.65/kg (local freight, insurance, handling)
• Los Angeles (USA West Coast): +$0.50-$0.75/kg
• Shanghai (China): +$0.25-$0.40/kg (A bit lower against Asian Mills)
• Dubai (Middle East): +$0.45-$0.60/kg
• Principal Raw Material Driver: The LME nickel cash price as of 18th November 2025 witnessed USD 14,524/ton (down from 4.64% MOM and 8.11% YOY). With a nickel content between 23 and 28%, 904L sensitivity towards LME activities is highly significant.

Regional Sales & Pricing in Key Markets

Regional Insights:

• China: It leads global production with the lowest FOB prices, blending inexpensive nickel pig iron (NPI) so as to procure economies of scale. Strong overseas competitions help in keeping marginal market prices. By and large, China offered 25-40% undercut patterns for export payments to Eur-opean-or US-based riddles.
• India: It is a formidable exporter with very competitive pricing. Strong domestic growth in stainless capacity and much less expensive labor costs allow for very competitive pricing, although the certification standards provided differ shall differ from mill to mill.
• Europe: Enormous pressure on imports are being applied; domestic production is provided with a solid advantage with very strict quality standards but carries a premium ranging from 30-50% compared with Asian-made goods. European trade defense action (orthodox anti-dumping measures) is helping provide support for a given minimum price.
• USA: These are the highest invoice prices able to be obtained anywhere globally. Their high prices are contingent on Section 232 tariffs, their dependence on imports of all stainless steel grade types such as 904L, and their disadvantage of smaller market sizes. Any buyer would never be uncertain if intending to get a preferable agreement through long-term contracts or such a prohibited set of direct mill contacts.

Historical Price Volatility (Past 24 Months)

Monthly Average Price Trend (USD/kg, FOB China basis):

Month          | Price (USD/kg) | Change (%)
---------------|----------------|------------
Nov 2023       | 6.80          | —
Dec 2023       | 6.95          | +2.2%
Jan 2024       | 7.20          | +3.6%
Feb 2024       | 7.45          | +3.5%
Mar 2024       | 8.10          | +8.7%  ← Peak
Apr 2024       | 7.85          | -3.1%
May 2024       | 7.60          | -3.2%
Jun 2024       | 7.40          | -2.6%
Jul 2024       | 7.55          | +2.0%
Aug 2024       | 7.70          | +2.0%
Sep 2024       | 7.85          | +1.9%
Oct 2024       | 7.95          | +1.3%
Nov 2024       | 8.10          | +1.9%
Dec 2024       | 8.25          | +1.9%
Jan 2025       | 8.40          | +1.8%
Feb 2025       | 8.20          | -2.4%
Mar 2025       | 7.95          | -3.0%
Apr 2025       | 7.80          | -1.9%
May 2025       | 7.65          | -1.9%
Jun 2025       | 7.50          | -2.0%  ← Trough
Jul 2025       | 7.60          | +1.3%
Aug 2025       | 7.75          | +2.0%
Sep 2025       | 7.85          | +1.3%
Oct 2025       | 8.00          | +1.9%
Nov 2025       | 8.15          | +1.9%

24-Month Performance:

• High Price: USD 8.10/kg (March 2024)
• Low Price: USD 6.80/kg (November 2023); September low USD 7.50/kg (June 2025)
• Least vs highest price: 19.1% (peak to set)
• Current vs. 24-Month Median: +6.5%

Key Events Driving Price Swings:

1. Q4 2023–Q1 2024: Indonesian Nickel Supply Constraints — Expectations that the Indonesian government would push up mining royalties and restrict exports to a large extent fueled nickel. The LME nickel price soared from around USD 16,500 to USD 18,800/ton, leading to a 12% increase in the 904L prices in just three months.
2. March 2024: All-Time High Nickel Premium — Simultaneous Chinese stainless-steel-mill restocking and Western chemical-plant turnaround season resulted in bidding wars. A 904L heavy-plate price of USD 10.50/kg was seen in spot markets.
3. Q2 2024: Poor Demand in Europe — A sluggish building and automotive market led to lower stainless consumption. There was a 10-12% cut in production by European mills with an 8% fall in prices despite steady nickel costs.
4. June 2025: LME Nickel at 4-Year Low — Concerns from the Indonesian NPI expansion spilled oversupply, breaking nickel down below USD 15,000/ton. 904L went down all the way to USD 7.50/kg FOB China compared to the end of 2023.
5. Q3-Q4 2025: Situational Recovery — Middle East and associated oil and gas capex picked up, and expansions of chemical plants in India/China started to look interesting, supporting some demand recovery. Prices stabilized in the region of USD 8.00-8.50/kg by October 2025.

Short-Term & Long-Term Price Trends

Next 3–6 Months Forecast (Q4 2025 – Q1 2026): Neutral To Slightly Bearish

Forecast Range: USD 7.50 to 9.00 kg (FOB China basis)

Dominant Factors:

• LME nickel drop: It has brought nickel prices realistically as cast iron remains between USD 14,500 and 15,000/t, which is almost the lowest point since November 2020. LME Nickel Weakness plays a significant role in pricing for 904L, which now trades on a somewhat bearish biased outlook, as Indonesian NPI disrupts and keeps flooding the market without any stringent break until Q2 2026.
• Disappointment in Stainless Steel Demand: Quite a lot has been reported on the falling stainless steel demand worldwide. Nothing seemed to move in the right direction yet in the third quarter of 2025. The spike observed earlier on chemical processing activities finally lost its ebb in Europe and North America as recessionary fears set in. Outokumpu witnessed a 12% Q3 vs. Q2 shipment downturn in Europe and its realized price also placed significant pressure on its profitability with low-priced Asian imports being the bane. The North American stainless market is unsettled—North American Stainless (NAS) has postponed Ghent for allowing more time to prevent pricing from losing hold.
• Q4 Seasonal Decelerating: In the last quarter of the year the historical clearance of stocks of finished goods by distributors and the delay in execution of some projects will restrict any additional purchases through December 2025.
• Slightly Pushing Upward in Q1 2026: Restocking for Chinese New Year (in February) and restarting of new petrochemical projects in the Middle East with no significant sustainable future headwinds would help in increasing the buying price by 5-8% in March 2026.

Analyst Comments:

• Fastmarkets (April 2025): “Nickel expected to fluctuate between USD 15,000–20,000/ton for this year, a support base for stainless steel prices with little upside momentum. Excessive oversupply in Asia will keep high alloy grades like 904L suppressed.”
• MetalMiner (November 2025): “Stainless steel MMI trend flat from October to November, down 0.54%. Weak demand-side conditions remain insufficiently ameliorated to call a short-term rebound. U. S. base prices likely stay flat in Q1 2026.”

2026–2028 Outlook: Gradual Strengthening With Structural Premiums

2028 Outlook Price Band: USD 9.00–11.50/kg, C&F China (in 2028 US$).

Structural Drivers:

• Green steel & decarbonization premiums—European and North American mills will easily absorb the carbon premium for low emission stainless by employing electric arc furnace (EAF), and hydrogen steel-making—estimated 8-12 percent. Landed buyers of 904L (heavily used in pharmaceutical/food sectors and need ESG compliance) will vastly be exposed to perpetually green premiums.
• Indonesia’s nickel policy uncertainty—Given the Indonesian share (70 per cent of global nickel output) in global terms, there are substantial geopolitical risks for pricing. Any possible future rules on export restrictions, royalty increments, or environmental clampdown may give life to a nickel rally of 20-40 percent, which could directly impact 904L. Recent regulatory moves (cf. PP 28/2025) in Indonesia have heightened market confusion.
• Chemical & Desalination Infrastructure Boom-A high growth trajectory is foreseen in desalination capacity in the Middle East by 2028 (Saudi Vision 2030), UAE water strategy. Also, the growth in the chemical sector of India, with its target set as USD 300 billion by 2025, would ensure the demand for corrosion-resistant alloys. Such applications may give merit to 904L rather than the duplex grades in highly acidic/chloride environments.
• EV Battery and Renewable Energy Spillover—While 904L itself is not a suitable battery material, nickel demand from the EV sector, as it is expected to consume 1.5 million tons of nickel annually by 2030, will keep LME prices at $15,500-17,500 / ton up to 2028 vis-à-vis the historical average of $14,500, thus continuously adding USD 0.80-1.20/kg to the 904L base cost.
• Trade Protectionism and Reshoring—Ongoing anti-dumping inquiries would fragment the EU markets with the possible expansion of US Section-232 tariffs to more origins. Localized supply chains may lead to 15-25% regional price spreads in the respective region.

Long-Term Price Trends:

• Base Case (60% probability): Gradual normalization with 2-5% annual price appreciation tied to industrial capex recovery. 904L settles at USD 9.50-10.50/kg by 2028.
• Bull Case (25% probability): Major LME nickel rally (geopolitical supply shock or Indonesian export ban) triggers 20-40% alloy premium increases. 904L reaches USD 11.00-12.50/kg.
• Bear Case (15% probability): Substitution towards duplex stainless (2205, 2507) and leaner austenitic grades (316L with improved processing) would harm 904L demand. Chinese overcapacity persists. Prices soft to 8.00-9.00 USD/kg.

Authoritative Forecasts:

• CRU Group (2025 Steel Outlook): “Super-austenitic grades will see stable demand from chemical/offshore sectors through 2028, but pricing upside limited by Asian capacity expansions. Expect 3-4% CAGR in dollar terms.”
• World Steel Association (2025 Short-range Outlook) states： “Global raw stainless steel demand will rise by 2.1% in 2026 from a flat 2025. The high-alloy segment (e.g., 904L) is benefiting from infrastructure and energy transition investments.”

Buying Tips & Risk Hedging

Minimum Order Quantities (MOQs) & Lead Times

• Standard Plates/Sheets： 5–10 tons (1-2 containers). Lead Time: 30–45 days from Asian mills, 45–60 days from European mills.
• Custom Cut Heavy Plate: 2–5 tons. Lead Time: 60–75 days (includes cutting/testing).
• Seamless Pipe/Tube: 3–8 tons. Lead Time: 45–60 days.
• Small Lot Premium: Orders below MOQ incur 15-30% surcharges. Consider consolidating shipments or sourcing from stock distributors.

Payment Terms & Financing

• Usual standards: 30% upfront, 70% against B/L (bill of lading) or L/C (letter of credit).
• Long-term contract: quarterly or half-yearly price agreements with volume commitment (20+ tons/quarter) can secure discounts in the range 5-10% from the spot market in furtherance of volume commitments.
• Risk sharing clause: Negotiate nickel-indexed price formulas (like Base price + LME Ni Premium) to avoid locking in at the market peaks of prices.

How to Lock in Prices & Hedge Risk

1.Steps to Leave Room for More Flexibility in the Supplies Market

• Some of the forward contracts, which enable us to book our material way in advance and not under the fluctuation of nickel prices, cover 3 and 6 months’ delivery. The best move is when the nickel is trading below USD 16,000/ton (more favorable pricing for the buyer).

2. LME Nickel Futures Hedge

• Buying LME nickel futures to hedge your raw material exposure makes a lot of sense. Approximately 25% of your weight comes from the nickel in 904L, and it drives more than 60% price variation. So, you might be willing to subscribe to a hedge that covers 20% of the value of your tons.
• For Example: If you buy 100 tons of 904L for USD 8000/ton, your total exposure is USD 800,000. You will hedge with LME nickel futures for an amount of USD 200,000, which will translate into 13 tons of nickel at USD 15,000/ton.

3. Supplier Power Purchase Agreements (PPAs)

• Depending on contract negotiation, some Asian mills help with price protection up to an agreed percentage over a certain period; namely, up to 8-10% price increase per quarter but, at the same time, participation in any downward move.

4. Multi-Sourcing.

• Dividing orders between cheaper Chinese (low-cost, higher-volume-risk) and more expensive European or Japanese mills (premium pricing, much better quality/traceability) strikingly divides the cost optimization and the supply-chain resilience.

Red Flags for Counterfeit or Low-Quality Material

Important Inspection Items:

• Request EN 10204 3.1 Certificates (Minimum) – Mill test reports (MTRs) must visualize the chemical analysis and mechanical characteristics for the heat number pertaining to the specific part. For critical applications (pressure vessels) and pharmaceutical equipment, further demand 3.2 certificates and third-part inspection.
• Examine-Tractability of Heat Number — Each rotating piece should be embossed or etched with a unique heat batch number corresponding to the MTR. Random sampling with XRF (x-ray fluorescence), testing it is instrumental in verifying the chemistry of the material, particularly the nickel content as some counterfeiters substitute with a cheaper grade 316L.
• Inspection for Hardness & Surface Finish — 904L must not exceed a hardness of ≤200 HB as excessive hardness (>220 HB) would indicate improper annealing or another grade. The surface finish must be minimally elastic and scratch-free from any inclusions, laminations, or extensive mill scale.
• Watch Out for the Extremely Cheap Rates: Lack of Quality Reasoning — Substantial Cost-Saving: If an identified price cuts down by more than 20% for a commodity (China market trends: $7.50-8.50 FOB), keep the risk of low quality and misconstrued grades. For 316L (60% cheaper) or 904L non-certified castings with chemistry off-specifications, common items can be made more affordable via hard-to-predict quality issues.
• Choose Laboratories for Independent Tests: For a large order of 20+ tons, send samples for a full chemical test accredited by SGS, Bureau Veritas, TÜV, or any others, and perform corrosion testing (e.g., ASTM G48 pertains to pitting corrosion). This costs USD 300-800 per sample, but later, it prevents catastrophic breakdowns.
• Investigate Supplier’s Credentials: Check confirmed ISO 9001:2015 certification, and then NACE MR0175 compliance (if applicable for sour service) and PED 2014/68/EU approval (which meets Europe’s pressure equipment demands).

Common Fakes In The Business:

• Switching Grades: This is where they sell 316L as 904L, having nickel content around 25% vs. 10%.
• Inconsistency In The Chemistry: The almost impossible scenario: selling metal marked 316L that has been made out of scrap with unpredictable molybdenum or copper.
• Forgeries: MTR copies with fake heat numbers manipulated or test results squeezed out of the products.
• Secondary or Surplus Material: Rejected material from other customers, resold by the seller without revealing defects.

Additional Procurement Best Practices

• Implementing supplier audits: Visit the mills or major distributors before the large order is placed. Examine production facilities, testing laboratory, and material traceability systems.
• Set up QC Hold Points: Although it may only be justifiable for critical projects, require testing with a witness or third-party inspector pre-shipment. Up to 3-5% of the order cost can be set aside for its assurance.
• Establish strategic inventory: when the price is favorable, buy three months’ worth of inventory-generally about 2 or 3 months’ worth-on account of low prices (presently reaching 18 months lows in real terms). This can be done if you have warehousing space and low carrying costs.
• Check your market basics every week: Weekly track the LME nickel (www.lme.com) prices, Chinese prices on stainless coils (Shanghai Metal Market), and the monthly alloy surcharges of the major mills (Outokumpu, Allegheny Ludlum) to time purchases perfectly.

Conclusion

Prices of 904L stainless steel are in transition since there are bearish forces coming into play from the weakening nickel layout and rather mediocre industrial demand in the short term. Personally, demand from these latter applications is emerging as a fair driver of requisite demand growth. Decarbonization, infrastructural investments, and specialty chemical/marine applications have positioned this industry for a positive leap into the long-term cycle. By remaining at USD 7.50–8.50/kg (FOB China) in November 2025, pricing is about 10-15% below peaks of 2024 but still 25-30% above the 2020-2021 lows.

The present juncture offers opportunities for buyers intending to enter forward contracting as a session of locking in lucrative pricing. Even as price hike of 5-10% is underscored by Q1 2026 restocking, robust quality verification requirements remain sacrosanct on account of earnest applications of the material and burgeoning imitation in plummeting-fund markets.

A blend of rational market watching, multiple avenues of sourcing, and pre-emptive risk-hedging-perhaps through nickel futures or supplier commitments-lends support to the procurement department in negotiating price volatility for this critical super-alloy while guaranteeing uninterrupted supply.

Sources & References:

• London Metal Exchange (LME)—Price of Nickel Data (November/2025)
• Shanghai Metal Market (SMM)—Price of Chinese Stainless and Nickel (November, 2025)
• MWalloys Market Intelligence—904L Analysis (September/2025)
• Fastmarkets—Stainless Steel Price Forecast 2025 (April 2025)
• MetalMiner-Stainless MMI Report available from (November 2025)
• IndexBox- 904L Market Analysis with (February) 2025 date
• World Steel Association-Short-Range Outlook (October 2025)
• Trading Economics—Commodity Price Database (November 2025)

Disclaimer: Prices and forecasts in this article reflect data available as of November 5, 2025, and are subject to change without notice. This analysis is for informational purposes and does not constitute financial, legal, or commercial advice. Always verify current spot prices and contractual terms directly with suppliers and industry pricing services.