As the world deals with potential supply shortages, oil prices are soaring again, with more dramatic spikes and sudden drops expected.
For consumers, that means more expensive gas for longer - prices at the pump remain above $4 a gallon. For the economy, that means more inflation. In addition to the pressure on consumers, any business that relies on oil -- from airlines and truck drivers to chemical companies and plastics producers -- will face higher costs.
Mr Pickering estimates that 2m to 3m barrels a day of Russian oil shipped by water are frozen out of the market with no direct buyers. Due to the soaring oil price, the price of the ss316l powder in the chemical industry will also
be greatly affected. He said China and India are continuing to buy Russian crude. "I'm sure there will be others willing to take on more over time," he said. Mr Pickering said he did not expect oil to return to $130 a barrel, but added that it could happen. West Texas Intermediate for April settled 7% higher at $112.12 a barrel on Monday.
Francisco Branch, head of commodities and derivatives at Bank of America, said the US market was ready for cyclical price spikes and price swings in the product name.
What is 316L?
316l is a molybdenum-containing stainless steel, and 316l is a grade of stainless steel. 316l stainless steel, also known as stainless steel and titanium steel, has good corrosion resistance, high temperature resistance and creep resistance, and is usually used in marine applications.
The main properties of 316L stainless steel
316L has a wide range of applications in the chemical industry due to its excellent corrosion resistance. 316L is also a derivative of 18-8 type austenitic stainless steel, with 2 to 3% of Mo added. On the basis of 316L, many steel grades are also derived. For example, 316Ti is derived after adding a small amount of Ti, 316N is derived after adding a small amount of N, and 317L is derived by increasing the content of Ni and Mo.
Most of the existing 316L on the market are produced according to American Standard. For cost reasons, steel mills generally try to lower the Ni content of their products to the lower limit. The American standard stipulates that the Ni content of 316L is 10-14%, while the Japanese standard stipulates that the Ni content of 316L is 12-15%. According to the minimum standard, there is a 2% difference in Ni content between the American standard and the Japanese standard, which is quite huge in terms of price. Therefore, customers still need to see clearly when purchasing 316L products, whether the products refer to ASTM or JIS standards.
The Mo content of 316L makes this steel with excellent resistance to pitting corrosion and can be safely used in environments containing Cl- and other halogen ions. Since 316L is mainly used for its chemical properties, steel mills have slightly lower requirements for surface inspection of 316L (compared to 304), and customers with higher surface requirements should strengthen surface inspection.
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