IEA: Higher oil prices will have major impact on global economy
The International Energy Agency (IEA) released its October Oil Market report on Thursday. The report said continued deterioration in the economy and rising oil prices triggered by the Opec + production cut plan were slowing global oil demand. The IEA stressed that higher oil prices, amid persistent inflationary pressures and rising interest rates, would have a significant impact on a global economy already teetering on the brink of recession.
The International Energy Agency says Opec + 's massive oil supply cuts have increased risks to global energy security. As a result, the IEA lowered its forecasts for oil demand growth in 2022 and 2023. The IEA said oil demand growth had declined gradually since 2022 and was estimated to be 340,000 b/d lower in the fourth quarter of this year than in the same period last year, with full-year oil demand growth forecast at just 1.9 million b/d in 2022. The IEA also cut its forecast for oil demand growth in 2023 to 1.7 million barrels a day, 470,000 barrels a day lower than its previous estimate.
The IEA expects Opec + crude production to fall by 1 million barrels a day from November, mostly from Saudi Arabia and the United Arab Emirates. In December, a European oil embargo against Russia will further reduce global crude production. According to media analysis, the IEA's statement highlights the huge differences between it and Opec, which also reflects the huge differences between IEA member states and Opec member states. This divergence will seriously affect the stability of the international oil market. The International Energy Agency (IEA) was established in 1974 as an international organization for major oil consuming countries to coordinate their oil policies and reduce their dependence on imported oil after the Middle East oil crisis. Currently, the IEA has 31 member countries.
The jump in the price of nickel in London to its highest level in seven years has also had an impact on the 416 stainless steel
The prospect of reduced supply has emerged in recent months as demand for stainless steel has improved as the aerospace and oil and gas industries have rebounded from the nadir of COVID-19 last year. The pandemic has led to a continued logistics downturn, with shipping congestion in the Atlantic, Pacific and Indian basins, making it harder for consumers to access raw materials such as nickel. If you are looking for 416 stainless steel, feel free to contact Wudenalloy .
Expectations of less nickel from Indonesia, a major supplier, also helped drive prices higher. The Southeast Asian country said last month it planned to ban or export semi-finished products used to make stainless steel to keep more stainless steel in the country and support a domestic industry focused on electric car batteries.
Indonesia has been reversing its policy since it first imposed a ban on unprocessed mineral exports in 2014, According to Allan Ray Restauro, a BloombergNEF analyst, in a report. In 2017, Exports were allowed again, but only by companies that own and operate smelters. The export ban was subsequently brought forward by two years, to 2020.
BloombergNEF expects nickel prices to remain above $18, 000 a ton, although the metal will continue to underperform copper and aluminum.
Wudenalloy offers high-quality Hastelloy, Incoloy®, Inconel®, Monel ®, duplex stainless steel , n ickel and Other Alloys.
The global competitive landscape of t he 416 stainless steel
Nickel alloy is mainly used in electronic and electrical products in the household field, and 416 stainless steel is mainly used in TV manufacturing and household appliance manufacturing. The global nickel alloy market demand is increasing rapidly, and the development prospect is good. The nickel alloy strip processing industry is in the replacement stage of the old industry and new industry, and the market opportunity is good.
Once predicted copper alloy lead frame strip will completely replace nickel alloy lead frame strip situation, currently, through the market 416 stainless steel screening classification, it shows that nickel alloy cannot completely replace, and has basically formed nickel alloy accounted for 20%, copper alloy accounted for 80% of the proportion. In recent years, with the miniaturization of integrated circuits, the application of nickel alloy strip is expanding due to their special properties.
Driving force of nickel-based alloy material 416 stainless steel
Take China as an example, the localization level of nickel-based alloy materials is low, so there is a great opportunity for the 416 stainless steel. But so far, metal functional materials for the color tube are basically imported, and the localization rate of color tube materials is less than 10%, which provides development space for the development of China precision alloy industry. High precision alloy strip has been included in the high-tech projects encouraged by the state, so there will still be a large amount of nickel alloy strip for picture tube TV. Secondly, nickel-base alloy material is irreplaceable in the TV industry. The Color TV industry is one of the most marketized industries in the home appliance industry, even compared with any industry in the economic field. The disordered competition of low price strategy makes the color TV industry as a whole enter the era of low profit.
The price of nickel-base alloy 416 stainless steel fluctuates greatly and becomes the main competition point
Nickel and nickel alloy strip as an important metal material has a strong ability to add value, with the development of the global economy for nickel alloy strip demand increasingly strong, product prices will fluctuate with the development of the market. Wudenalloy Co., Ltd., ISO 9001 certified, is the world leading supplier of corrosion-resistant and high-temperature resistant specialty materials, specializing in the production of nickel alloys for more than 10 years serving some of today most critical industries. Our team of experienced experts works with aerospace, petroleum, chemical, natural gas, heat treatment, power generation and related industries to provide efficient pipeline components and value-added services.
Wudenalloy offers high-quality Hastelloy, Incoloy®, Inconel®, Monel ®, duplex stainless steel , nickel and other alloy materials. These materials can be made into bars, plates, pipes, flanges, valves, forgings and other forms to meet the needs of our customers. Feel free to contact us. Wudenalloy is your trusted supplier of special alloy materials.
What are the industry requirements for 416 stainless steel?
Pure nickel is generally used in chemical equipment corrosion resistant structural parts, precision instruments, electronic tubes and radio equipment parts and other fields, high purity nickel N4 in electrolytic, electroplating and other industries have a large demand, mainly for the wide medium-thick plates. Ultra-pure nickel is used in areas such as batteries.
Nickel-based superalloy has good resistance to high temperature, corrosion or some specific environment adaptability. Although the new increment of the nuclear power industry fluctuates greatly each year, it still maintains the trend of growth in the long run. In the nuclear power equipment manufacturing industry, the superalloy material 416 stainless steel has an irreplaceable role due to its excellent characteristics of high-temperature resistance and high strength resistance and is mainly used in the nuclear island that undertakes nuclear reaction work.
Ti-Ni shape memory alloy is widely used in human heart stents, dental orthodontics and other fields. With the gradual deepening of r&d investment in the medical device industry, the technological innovation and material application of medical device products have developed rapidly. For shape memory alloy, the demand scale of high-tech materials such as 416 stainless steel shows an obvious upward trend, while the demand scale of emerging industries such as aerospace, automobile and robot also shows a rapid growth trend.
T he 416 stainless steel high quality supplier
Wudenalloy has focused on the production and manufacture of nickel alloys for more than ten years. We are a principal worldwide supplier of corrosion-resistant alloy and other superalloy metals. We have a professional technical team and after-sales service, so we can offer high-quality Hastelloy®, Incoloy®, Inconel®, Monel®, Duplex Stainless Steel and other alloy material. These materials are available in bar, sheet&plate, pipe&tube, flange, forging, and other forms to meet the needs of our customers.
If you are looking for 416 stainless steel, please send an email to firstname.lastname@example.org , feel free to contact us. Wudenalloy is your trusted supplier of special alloy materials.
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