21 October 2022 – Stainless steel prices in Asia have continued to rise. The background here is, among other things, the development of raw material costs, especially for stainless steel scrap. And the USITC wants to extend the anti-dumping and countervailing measures against Chinese aluminium imports by 5 years.
Stainless steel prices continue to rise
Chinese stainless steel prices have continued to rise steadily. Since last week alone, some grades have increased by more than 4.75%.
This price trend can also be seen in commodities such as nickel pig iron, nickel, stainless steel scrap and ferrochrome, which have increased by between 2.1% and up to 5.1%.
Stainless steel scrap becomes significantly more expensive
Prices for stainless steel scrap have not only increased significantly in China compared to the previous month (+4.38%), but the trend here is also rising internationally. In some cases, price increases of between 6 and 9% compared to the previous month were reported for scrap, depending on the grade of stainless steel.
According to official sources, the scrap quotas of all European stainless steel producers are currently more than 90%. The development of stainless steel scrap should therefore have an impact on the alloy surcharges for November 2022.
However, the current price development shows that the desperate actions of some market participants in the recent past were more like grasping at the proverbial straw to somehow keep their heads above water. Whereas we rather have the impression that some heads may have already gone under here. And here we have not even taken into account the current inflation rate.
USITC upholds aluminium AD/CVD measure against China
The United States International Trade Commission (USITC) has announced that it will maintain the existing anti-dumping duty and countervailing duty measures against Chinese aluminium extrusion imports for the next five years. A repeal would, according to USITC, quickly lead to a recurrence of unfair competition from China and harm to US companies. The USITC has announced that the final report will be issued on 31 October 2022.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.