Competition among suppliers in the region has intensified in recent months amid lackluster demand, growing pessimism and the increased availability of cheap substrate triggered by China’s ongoing anti-dumping investigation.
East Asian stainless steel prices have plummeted to a 15-month low as a result of the continual downtrend.
Fastmarkets’ MB weekly import price assessment of 304 stainless 2mm trimmed cold-rolled coil was $2,030-2,100 per tonne cif East Asia on November 7.
The stainless CRC assessment is currently at its lowest since August 2 last year, when it stood at $1,920-1,950 per tonne cif.
Meanwhile, Fastmarkets MB’ weekly import price assessment for 304 stainless trimmed hot-rolled coil was $1,850-1,970 per tonne cif East Asia on November 7, down $10-40 per tonne week on week.
New price leaders
“The Asian market used to always follow prices from China’s major mills,” a trader in Southeast Asia said.
“But now Taiwan and Indonesia are setting the benchmark with even more aggressive pricing than...