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India
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KoreaQ1 2025
In the first quarter of 2025, the electrical steel market experienced a price increase of $789 per metric ton, FOB Shanghai representing a 2.08% rise from the previous quarter. This uptick reflects a combination of strong demand from the energy and automotive sectors—particularly due to growth in electric vehicle production and grid infrastructure upgrades—and constrained supply conditions influenced by raw material cost inflation and logistical challenges.
The modest percentage gain, despite the significant absolute price increase, suggests a high baseline price level entering the year, pointing to sustained market pressure and limited flexibility in sourcing alternatives. As demand for energy-efficient technologies continues to grow, the pricing trend may persist into the next quarters unless there is a significant shift in production capacity or input costs.
Q4 2024
In Q4 2024, the electrical steel showcase experienced an eminent upward move, with costs expanding by $773 per metric ton, FOB Shanghai checking a 2.37% rise. This development reflects fixing supply elements and rising requests, especially from the vitality and car segments, where electrical steel is fundamental for transformers, engines, and EV components. The cost uptick proposes expanded crude fabric costs, progressing worldwide foundation speculations, and maintained energy in the green vitality move. Showcase members may too be figuring in potential supply chain disturbances and geopolitical pressures, which contribute to estimating weight and vital stockpiling.
Q3 2024
In Q3 2024, the electrical sword request endured a notable price decline of $755 per metric ton, FOB Shanghai representing a 3.07% drop. This downturn reflects a combination of factors, including softened global demand — particularly from the automotive and appliance sectors — as well as easing raw material costs similar as iron ore and energy. also, bettered force chain effectiveness and increased product capacity in crucial regions like China and India contributed to surfeit pressures. This price adaptation signals a temporary cooling in the request after former diggings of elevated prices, and stakeholders are now covering whether this trend will stabilize or continue into Q4 amid shifting macroeconomic conditions.
Q2 2024
In Q2 2024, the electrical sword request endured a notable downturn, with prices declining by roughly $779 per metric ton, FOB Shanghai representing a 4.36% drop. This price reduction was primarily driven by a combination of factors, including dropped demand from crucial downstream diligence, surfeit in the request, and aggressive pricing strategies by major exporters. In the Asia- Pacific region, particularly in Japan, the request faced significant challenges due to reduced conditions from the construction and automotive sectors, leading to sharp price cuts.
Also, geopolitical pressures and nonsupervisory pressures contributed to a conservative approach by buyers, performing in restrained request sentiment and a disinclination to make up supplies. These dynamics crowned in a persistently negative pricing terrain throughout the quarter, pressing the complications and challenges faced by the electrical sword assiduity during this period.
Q1 2024
In Q1 2024, the electrical steel market experienced a notable price surge, with prices increasing by $815 per metric ton, FOB Shanghai a rise of approximately 4.69%. This uptick was driven by several converging factors, including strong demand from the renewable energy and electric vehicle (EV) sectors, both of which rely heavily on grain-oriented and non-grain-oriented electrical steels for efficient energy conversion and motor function.
Additionally, supply-side constraints due to limited production capacity, elevated input costs (such as energy and raw materials), and tightening environmental regulations in key producing countries further exacerbated the upward pressure on prices. The combination of robust end-use demand and constrained supply indicates a market under strain, signaling continued volatility and potential for further price adjustments throughout 2024.
Q1 2025
In Q1 2025, India’s electrical steel market experienced a notable price increase of $1,087 per metric ton, Ex-Mumbai reflecting a 2.12% rise. Factors contributing to this price adjustment include a projected 8-9% growth in steel demand for 2025, driven by increased construction activities and stronger demand from engineering, packaging, and other industries. Additionally, the Indian electrical steel sector is undergoing significant developments.
In October 2024, JFE Steel Corporation and JSW Steel announced the acquisition of ThyssenKrupp Electrical Steel India, aiming to enhance domestic production capabilities of grain-oriented electrical steel sheets. This move is expected to bolster India’s capacity to meet the growing demand for electrical steel, particularly in power generation and transmission sectors.
Q4 2024
In Q4 2024, the electrical sword assiduity in India has endured a notable price increase of $1,065 per metric ton, Ex-Mumbai reflecting a rise of 1.57%. This price hike could be driven by several factors, including advanced raw material costs, inflationary pressures, and implicit shifts in demand due to the adding relinquishment of electric vehicles and renewable energy systems, which bear electrical sword for manufacturing motors, mills, and other crucial factors.
As a critical material in the electrical sector, this price adaptation could also be told by global force chain dislocations or increased product costs in domestic manufacturing. The price increase may help sword manufacturers neutralize these pressures while potentially impacting downstream diligence reliant on electrical sword for their product processes.
Q3 2024
In Q3 2024, India’s electrical steel market experienced a notable downturn, with prices declining by $1,048 per metric ton, Ex-Mumbai reflecting a 2.12% decrease. This drop was part of a broader trend in the steel industry, where domestic prices for hot-rolled coils (HRC) and cold-rolled coils (CRC) fell to three-year lows, primarily due to a 68% surge in imports during the April–June quarter, reaching 1.93 million tonnes.
The influx of imported steel, especially from countries like China, Japan, and Vietnam, intensified price pressures on domestic producers. Additionally, weak demand from sectors such as automotive and renewable energy projects further exacerbated the situation. Despite these challenges, the government is considering implementing safeguard duties to protect the domestic industry from unfair trade practices and to stabilize the market.
Q2 2024
In the second quarter of 2024, India’s electrical steel market has witnessed a notable price reduction of $1,071 per metric ton, Ex-Mumbai translating to a 2.34% decrease. This decline could be attributed to several factors, including fluctuating demand, changes in raw material costs, and global market dynamics. A reduction in prices may reflect a correction in supply-demand imbalances or a response to softer demand from key industries such as automotive and power generation.
The decrease in electrical steel prices may also be influenced by global trends or inventory adjustments, which could have resulted in some excess stock in the market. The shift in prices, while moderate, suggests a more cautious outlook, possibly impacting the profitability of domestic steel manufacturers in the short term, while providing some relief to downstream industries reliant on electrical steel inputs.
Q1 2024
In the first quarter of 2024, the electrical steel market in India saw a price increase of $1,096 per metric ton, Ex-Mumbai or 2.71%. This rise was driven by several factors, including higher raw material costs, particularly coking coal, which saw a price spike due to disruptions in supply. Additionally, strong domestic demand fueled by infrastructure projects and growth in urban consumption contributed to the price hike. The steel export sector also saw growth, with India’s steel exports reaching an 18-month high, further impacting domestic pricing dynamics. These combined factors led to the observed price increase in the electrical steel sector.
PriceWatch is your trusted resource for tracking global electrical steel price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the electrical steel market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence electrical steel prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely electrical steel market data.
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These events highlight the vulnerability of the electrical steel market to global economic and geopolitical shifts, emphasizing the need for flexible strategies to manage market fluctuations.
This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable Electrical Steel pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
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Molecular Formula
Electrical steel is a specialized steel alloy designed to efficiently conduct magnetic flux, making it essential for use in transformers, electric motors, and generators. It is available in grain-oriented and non-grain-oriented types, each optimized for specific applications requiring high magnetic permeability and low energy loss. Alloyed with silicon, electrical steel minimizes core losses, enhances efficiency, and supports quiet, reliable operation in electrical and electronic devices.
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PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification/Description |
| Grade | Non-Grain Oriented Electrical Steel |
| Standard | ASTM A677, IEC 60404-8, JIS C2550, or similar standards |
| Thickness | 0.20 mm to 0.50 mm (varies by grade and application) |
| Core Loss | Typically, < 1.0 W/kg (for 1.5T at 50Hz) |
| Magnetic Flux Density | Up to 1.6 T (depends on specific material grade) |
| Permeability | High permeability, typically > 1000 (for specific grades) |
| Electrical Resistivity | 10-20 μΩ·m (typical range for silicon content) |
| Tensile Strength | 400-600 MPa (varies with thickness and processing) |
| Yield Strength | 250-450 MPa (depending on grade and processing conditions) |
| Elongation | 2-6% (varies with thickness and processing) |
Applications
Electrical steel, also known as silicon steel or lamination steel, is engineered to have specific magnetic properties for use in electrical applications like transformers, motors, and generators. Its performance is influenced by a variety of factors, including:
Chemical Composition
Silicon content (Si): Typically 1–6.5%. Increases electrical resistivity and reduces core losses but decreases ductility.
Carbon content: Very low (<0.005%) to prevent aging and maintain magnetic properties. Other elements (e.g., aluminum, manganese): Can fine-tune grain growth and magnetic characteristics. Grain Structure Grain size: Larger grains reduce hysteresis loss but may affect mechanical properties. Grain orientation: Non-oriented (NO): Random grain directions; used in rotating machines. Grain-oriented (GO): Optimized for magnetization in one direction; used in transformers. Manufacturing Process Cold rolling: Improves surface finish and grain structure but requires annealing. Annealing (primary and secondary recrystallization): Refines grain structure and develops desired orientation. Decarburization: Removes carbon to reduce aging and maintain magnetic quality. Coating Applied to reduce eddy currents, prevent oxidation, and improve punchability. Types include: Insulating coatings: Improve interlaminar resistance. Mechanical coatings: Enhance formability and protect during punching. Thickness of Lamination Thinner sheets reduce eddy current losses, improving efficiency, but increase cost and complexity. Magnetic Properties Permeability: Determines how easily the steel can be magnetized. Core loss: A measure of energy lost during magnetization cycles, including hysteresis and eddy current losses. Coercivity: Low coercivity is preferred for less energy loss. Mechanical Properties Impact forming, punching, and stacking during machine assembly. Must balance strength and magnetic performance. Operating Conditions Frequency of operation: Higher frequencies demand thinner laminations and higher resistivity. Temperature: Magnetic properties degrade at high temperatures; alloy and coatings must handle expected conditions.
Feedstock prices have a significant impact on the cost and availability of electrical steel, a specialized material used primarily in the cores of transformers, motors, and generators. Electrical steel is produced using raw materials such as iron ore, coal (for steelmaking), and alloying elements like silicon. When the prices of these feedstocks rise, production costs for electrical steel also increase, leading to higher market prices.
The price of electrical steel is closely linked to inflation through both direct and indirect economic mechanisms. As inflation rises, the cost of raw materials, energy, labor, and transportation also tends to increase, all of which contribute to higher production costs for electrical steel. Additionally, inflation often leads to higher interest rates as central banks try to control rising prices, which can reduce investment in infrastructure and manufacturing—key sectors that consume electrical steel—potentially impacting demand.
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