LONDON--(BUSINESS WIRE)--Global procurement market intelligence advisory firm, SpendEdge, has announced the release of their 'Stainless Steel Procurement Research Report.' The insights and data in this report provide an exclusive analysis of the supply market, factors influencing purchasing decisions, pricing models, key supplier landscape, procurement best practices, and a comprehensive analysis of the supplier capability matrix for the metals and mining industry. This report breaks down the data and analysis behind the procurement of stainless-steel and acts as an all-inclusive guide for making smart purchasing decisions.
"One of the biggest drivers of using stainless steel is that it is 100% recyclable. This advantage has resulted in its widespread use across various industrial applications," says SpendEdge procurement research analyst Anil Seth. "At the end of the product's lifespan, 100% recyclability of stainless steel products ensures that the resources used during production are recovered and infinitely reused," added Anil.
Key Report Features
|Procurement Best Practices||Negotiation Strategies|
|Supply Market Insights||Pricing Models|
|Cost Saving Opportunities||Key Supplier Analysis|
|Category Risk Analysis||Supplier Capability Matrix|
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- Steel consumption is strongly related to economic growth. This is primarily because economic growth results in an increase in infrastructure spend and housing. It also leads to the growth of the retail sector, as increase in disposable income results in greater spending on automobiles and white goods. This leads to the growth of the stainless-steel market.
- Purchasing managers need to implement a rigorous system for ensuring quality practices and products across the entire supply chain. It is important to ensure measures such as suppliers conduct third-party audits periodically, GMP compliance by suppliers, and possession of quality certifications such as ISO by suppliers.
- Surface finish plays a key role in enhancing corrosion resistance. However, buyers might not be adept at understanding the kind of surface finish required to ensure maximum corrosion resistance. This leads to the procurement of stainless steel that does not have an adequate surface finish, resulting in higher costs for rectification or new material procurement.
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Stainless-Steel Pricing Trends
The volume-based pricing and spot pricing are the two most widely adopted pricing models in the global stainless-steel market. In volume-based pricing, constant monitoring of commodity prices is not required, which reduces the management effort. Moreover, it eases budgeting activity and reduces risks associated with fluctuations in raw material prices.
However, spot pricing help purchasing managers procure additional quantities at market prices without having to worry about fulfilling minimum quantity requirements. In addition, as the prices of metals are tied to market indices, purchasing managers can conduct price estimation and leverage drops in market prices.
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