Ministry of Commerce Anti-dumping Investigation on Stainless Steel from the EU, UK, South Korea, and Indonesia

 

Anti-dumping Investigation on Stainless Steel from the EU, UK, South Korea, and Indonesia

The Ministry of Commerce has issued a notice, deciding to conduct a review of the anti-dumping measures applicable to imported stainless steel billets and hot-rolled stainless steel plates/coils originating from the European Union, the United Kingdom, South Korea, and Indonesia, starting from July 23, 2024. The announcement is as follows:

1. Continuation of Anti-dumping Measures

Upon the recommendation of the Ministry of Commerce, the Tariff Commission of the State Council has decided that during the review of the anti-dumping measures, the imported stainless steel billets and hot-rolled stainless steel plates/coils from the European Union, the United Kingdom, South Korea, and Indonesia will continue to be taxed according to the scope and tax rates of the products announced in the Ministry of Commerce's announcement No. 31 of 2019. The stainless steel billets and hot-rolled stainless steel plates/coils from POSCO will continue to implement the price commitment according to the Ministry of Commerce's announcement No. 31 of 2019. From July 23, 2024, the anti-dumping measures applicable to the imported stainless steel billets and hot-rolled stainless steel plates/coils from Japan will be terminated.

Anti-dumping Tax Rates for Each Company

  • All EU companies: 43.0%
  • All UK companies: 43.0%
  • South Korean companies:
    • POSCO: 23.1%
    • Other South Korean companies: 103.1%
  • All Indonesian companies: 20.2%

During the implementation of the price commitment by POSCO, the products investigated by the company will not be subject to anti-dumping tax if exported to China at no less than the committed price; if there is a violation of the price commitment or other situations that terminate the price commitment, the anti-dumping tax rate of the company will be levied.

2. Review Investigation Period

The dumping investigation period of this review is from January 1, 2023, to December 31, 2023, and the industry damage investigation period is from January 1, 2019, to December 31, 2023.

3. Scope of Review Investigation Products

The scope of the review products is the same as the products applicable to the original anti-dumping measures, as announced in the Ministry of Commerce's announcement No. 31 of 2019. The specific details are as follows:

  • Chinese Name: Stainless Steel Billet and Hot-rolled Stainless Steel Plate (Coil).
  • English Name: Stainless Steel Billet and Hot-rolled Stainless Steel Plate (Coil).
  • Product Description: Stainless steel billets and hot-rolled stainless steel plates/coils refer to alloy steel with a carbon content of 1.2% or less by weight and a chromium content of 10.5% or more, regardless of whether other elements are present. Stainless steel billets have a rectangular (excluding square) cross-section or other semi-finished stainless steel products. Hot-rolled stainless steel plates/coils are made from stainless steel billets through hot rolling and other processes, and are available in coil or sheet form, regardless of width and thickness.
  • Main Uses: There are generally two uses. One is as raw material for cold-rolled stainless steel, which is processed through cold rolling to make cold-rolled stainless steel products; the other is as a final product sold directly, mainly used in ships, containers, railways, electricity, petroleum, petrochemical and other industries.

4. Content of Review

The content of this review investigation is whether the termination of the anti-dumping measures on imported stainless steel billets and hot-rolled stainless steel plates/coils from the European Union, the United Kingdom, South Korea, and Indonesia may lead to the continuation or recurrence of dumping and damage.

5. Registration for Investigation

Interested parties can register to participate in this anti-dumping review investigation within 20 days from the date of publication of this announcement to the Trade Remedy Investigation Bureau of the Ministry of Commerce. Participants in the investigation should provide basic identity information, the quantity and amount of the investigated products exported to or imported from China, the quantity and amount of similar products produced and sold, and related information according to the "Reference Format for Registration to Participate in the Investigation". The "Reference Format for Registration to Participate in the Investigation" can be downloaded from the Trade Remedy Investigation Bureau's website of the Ministry of Commerce.

6. Review of Public Information

Interested parties can download or go to the Trade Remedy Public Information Reading Room of the Ministry of Commerce (phone: 0086-10-65197856) to find, read, copy, and photocopy the non-confidential text of the application submitted by the applicant. During the investigation, interested parties can query the public information of the case through the relevant website or go to the Trade Remedy Public Information Reading Room of the Ministry of Commerce to find, read, copy, and photocopy the public information of the case.

7. Comments on the Case

Interested parties who need to comment on the scope of the products, the qualifications of the applicants, the investigated countries (regions), and other related issues of this investigation can submit written opinions to the Trade Remedy Investigation Bureau of the Ministry of Commerce within 20 days from the date of publication of this announcement.

8. Investigation Method

According to Article 20 of the Anti-dumping Regulations of the People's Republic of China, the Ministry of Commerce can use questionnaires, sampling, hearings, on-site inspections, and other methods to understand the situation from relevant interested parties and conduct investigations. To obtain the necessary information for this case investigation, the Ministry of Commerce usually issues questionnaires to interested parties within 10 working days from the deadline for registration to participate in the investigation as stipulated in this announcement. Interested parties can download the questionnaire from the website of the Trade Remedy Investigation Bureau of the Ministry of Commerce. Interested parties should submit complete and accurate questionnaires within the specified time, which should include all the information required by the questionnaire.

9. Submission and Processing of Information

During the investigation process, interested parties should submit comments, questionnaires, etc., through the "Trade Remedy Investigation Information Platform" (https://etrb.mofcom.gov.cn) in electronic format, and submit the paper version at the same time according to the requirements of the Ministry of Commerce. The content of the electronic version and the paper version should be the same, and the format should be consistent. If the information submitted by the interested parties needs to be kept confidential, they can request the Ministry of Commerce to keep the relevant information confidential and explain the reasons. If the Ministry of Commerce agrees to their request, the interested parties applying for confidentiality should also provide a non-confidential summary of the confidential information. The non-confidential summary should contain sufficient meaningful information to enable other interested parties to reasonably understand the confidential information. If the interested parties cannot provide a non-confidential summary, they should explain the reasons. If the information submitted by the interested parties does not indicate the

Ningbo Baoxin's BA Plate Order Volume Increased by 34% in the First Half of the Year; June Domestic Stainless Steel Related Import and Export Data Released

 

Stainless Steel Industry News Highlights

Market Dynamics

Stainless Steel Futures: The stainless steel futures contract 2409 increased by 90 to 13,850 CNY/tonne, with the current spot-futures price difference at 120.

Foshan Market: After fluctuating, the stainless steel futures rebounded and stood above the 13,800 mark. Spot market prices for 304 cold-rolled materials showed mixed movements, with some falling 20-50 to facilitate transactions, while others slightly increased. However, trading remained quiet.

Wuxi Market: Inquiries in the morning showed that the mainstream quoted price for 304 cold-rolled four-foot materials in the private sector was 13,500 CNY/tonne, unchanged from last Friday; the hot-rolled price was 13,350 CNY/tonne, up 50 from the previous Friday.

Industry News

Ningbo Baoxin's Order Growth: Ningbo Baoxin reported a 34% year-on-year increase in BA plate order volume in the first half of the year, along with growth in other product categories.

Anti-dumping Announcement: China's Ministry of Commerce has announced the continuation of anti-dumping duties on stainless steel billets and hot-rolled coils from the EU, UK, South Korea, and Indonesia, following the expiration review investigation.

Trial Production of Stainless Steel Heat Exchanger Tubes: A 30,000-tonne/year high-end stainless steel heat exchanger tube project, invested by Zhejiang Julong Special Material Group Co., Ltd., has entered the trial production phase.

Export and Import Data: In June, the top 20 export regions for Chinese stainless steel accounted for 36.47 million tonnes, with India being the largest export destination. The top 5 import regions accounted for 12.46 million tonnes, with Indonesia being the largest source of imports.

Raw Material Related

Jinchuan Company's Nickel Price Adjustment: Jinchuan Company has adjusted its electrolytic nickel quotations downward by 1,300 CNY.

Furnace Ignition at a High-Carbon Chromium Factory: A 18,000KVA furnace at a high-carbon chromium iron factory in Inner Mongolia has been ignited, with an expected monthly output of over 3,000 tons of high-carbon chromium iron.

Import Data for Chrome and Nickel Iron: China's imports of chrome iron and nickel iron have shown significant increases both month-on-month and year-on-year.

Stainless Steel Scrap Import Decrease: China's import of stainless steel scrap has decreased significantly compared to the previous month and the same period last year.

Nickel Production Capacity in Indonesia: Zhongwei Shares has disclosed that it has built a nickel resource smelting base in Indonesia with a capacity of 200,000 metal tons.

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Stainless Steel Exports Boosted in the First Half of 2024

 

Stainless Steel Exports Boosted in the First Half of 2024

Looking back at the first half of 2024, domestic stainless steel performance was not satisfactory, but the export market has won a glimmer of opportunity in the fierce overseas market competition. From the export data in the first half of 2024, except for the impact of the Spring Festival holiday in February, other months were at a high level, and the export volume in May even set a new high since July 2022. From January to May 2024, the cumulative export volume of domestic stainless steel was about 1.912 million tons (second only to the 1.931 million tons in the same period of 2022), an increase of 12.8% year-on-year. Against the backdrop of the impressive performance of stainless steel exports, what factors have contributed to this?

1. Decline in Overseas Stainless Steel Supply and Better Demand for Exports

Since 2024, European stainless steel companies such as Outokumpu and Acerinox's Los Barrios plant have been affected by strikes, leading to a decrease in stainless steel production. The data released in the first quarter of 2024 showed a decrease of 1.3% and 6% respectively compared to the fourth quarter of 2023. After a 136-day strike, the production activities of the Los Barrios plant were almost paralyzed, and the plant had changed from five shifts to three shifts, with a significant drop in supply. It is reported that in late June, the workers of the plant finally accepted the proposed collective agreement, and Acerinox has begun to prepare for the resumption of production. The delivery times of other European steel plants have also been extended, mostly for delivery in August and September, and many distributors' inventory is lower than demand. In addition, POSCO's stainless steel equipment was inspected in May in South Korea, and the supply of stainless steel in Japan and India also declined. With the decline in supply from overseas stainless steel companies and prices on the rise, while China's stainless steel production remains high and prices are relatively weak, the demand for Chinese stainless steel has improved due to the price advantage.

2. Increase in the Proportion of Stainless Steel Processing Trade

In recent years, the performance of stainless steel exports has been good, partly because the proportion of processing trade has increased, and this volume will also be reflected in future exports, leading to an increase in the number of exports to a certain extent. According to statistics, the year-on-year increase in processing trade in 2021 was about 338,300 tons, accounting for 30.1% of the year-on-year increase in imports, which was at a high level since 2018. Since 2024, the import volume of stainless steel has increased year-on-year, and the proportion of the increase in processing trade has also risen to 29.8%. This volume, after being processed domestically, will also be reflected in subsequent exports.

3. Export Volume to Southeast Asia Sets a New High

Since 2024, the economy in Southeast Asia has been steadily recovering, and construction and infrastructure projects continue to expand, increasing the demand for stainless steel. Since March 2024, the volume of stainless steel exported from China to Southeast Asia has been growing rapidly. In May 2024, the volume of stainless steel exported to Southeast Asia was about 119,400 tons (a new high), an increase of 19.7% month-on-month and 85.5% year-on-year. From January to May, the cumulative volume of stainless steel exported to Southeast Asia was about 415,800 tons, an increase of 114,300 tons year-on-year, an increase of 37.9%. Among them, the increase in stainless steel exports to Vietnam was the most obvious, with a volume of about 44,000 tons in May, an increase of 4% month-on-month and 81.5% year-on-year. The cumulative volume increased by 44% from January to May.

4. Increase in Cold Rolled Processing and Exports to Turkey

Since 2024, the volume of stainless steel exported from China to Turkey has been gradually increasing. In May, the volume reached 52,000 tons, a historical high, an increase of 38.9% month-on-month and 133.3% year-on-year. The increase is mainly reflected in the volume of cold-rolled stainless steel. In May, about 37,000 tons of cold-rolled stainless steel were exported from China to Turkey, an increase of 29.9% month-on-month and 120.5% year-on-year. As a result, POSCO Assan TST in Turkey proposed to impose a 20% anti-dumping tariff on stainless steel from China and Indonesia. According to customs data, the increase in this cold-rolled volume is mainly due to the increase in the volume of processing and re-export. The following two charts also show a high degree of consistency. In March and May 2024, the volume of cold-rolled stainless steel processed and re-exported from China to Turkey was about 14,000 tons, accounting for about 40% of the cold-rolled volume exported to Turkey.

Overall, due to the oversupply of stainless steel in mainland China and the lack of improvement in market demand, some stainless steel companies have turned their attention to exports, where prices have a competitive advantage in the overseas market. Moreover, under the influence of the EU's anti-circumvention investigation on cold-rolled stainless steel from Turkey and Vietnam, the performance of China's stainless steel exports has been good. It is reported that the markets in Southeast Asia and the Middle East are also very active. As the consumption off-season approaches, the orders for stainless steel exports are gradually weakening. Recently, the news of "Indonesia's Yongwang suspension of production in June, or for 2 months" has caused a stir again. Can the export of cold-rolled coil plates, which accounts for 48% of China's stainless steel exports, continue to usher in opportunities?

( Source: Mysteel )

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Stainless Steel Market's Main Concern is Not Anti-Dumping, But This Matter

 

🔍 Stainless Steel Market's Main Concern

July 22nd, Foshan Market News: Today marks the beginning of the hottest season of the year, Da Shu, which is also known as the Great Heat. Perhaps due to the need for restocking on Monday, the stainless steel market also showed signs of "warming up" compared to last week. The market was restless throughout the day. In the morning, attention was drawn to the "Ministry of Commerce's continued imposition of anti-dumping duties on imported stainless steel billets from Indonesia and other countries"; in the afternoon, the hot topic was the significant drop in stainless steel futures warehouse receipts:

📉 Significant Decrease in Stainless Steel Futures Warehouse Receipts

According to data from the Shanghai Futures Exchange, today's stainless steel futures warehouse receipts recorded 147,747 tons, a decrease of 39,847 tons from the previous trading day, a drop of 21.24%. This is the first significant inventory reduction on a trading day within the year, which has attracted considerable attention from the industry:

  1. Voice 1: Level the market, deliver the warehouse receipts to agents, QS is the largest arbitrage company combining futures and spot trading.
  2. Voice 2: The nearly 40,000 tons of warehouse receipts reduced corresponds to last week's GJ futures September short position of about 7,000 contracts closed (holding 9,000 contracts). This position belongs to QS, indicating it is a steel mill action.
  3. Voice 3: The purpose of the significant reduction in positions by ZGGJ that day was to convert warehouse receipts into spot goods. All of Yongwang's warehouse receipts were converted into spot sales, totaling about 48,000 in East China and South China combined.
  4. Voice 4: Today, while commodity futures are falling, why is stainless steel rising instead? It is due to the reduction of short positions, indicating that steel mills do not want to deliver in September and are selling spot goods to agents.
  5. Voice 5: It is said that steel mills have instructed agents not to sell to futures and spot institutions, but the steel mills themselves are issuing warehouse receipts. After a rebate of 13550, it's about 13450 at the base.

Micro-comment: In the evening of Foshan, the sunset is particularly beautiful, spreading across the stainless steel circle of friends.

🌆 "Whether it's beautiful or not depends on the mood. You say such a market, the steel mill is in a good mood, so controllable. Like us, people who survive in the cracks, I feel that it is blood, the blood that the stainless steel people have shed with scars, and I don't have the mood to appreciate the beauty," said Old Iron.

Well, whoever is weak has reason, and whoever is hurt has the final say.

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Contact Information:

Stainless Steel Plant Shutdown for Maintenance, Can 201 Cause a Stir?

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🔧 Stainless Steel Plant Shutdown for Maintenance 🔧

July 22nd, Foshan Market News: According to market reports, due to internal inventory pressure and the current weak market performance, after a comprehensive analysis of production, sales, and supply, a large stainless steel wide cold-rolled steel plant in South China has started a half-month shutdown from today. It is expected to affect the production of about 25,000 tons, mainly for 201 cold rolling.

Market Overview 📊

Today, the base price of 201 cold-rolled J5 material in the circulation market is reported at 7,850 yuan/ton.

📰 Video News Information 📰

For more detailed market trends and updates, please stay tuned to our video news channel.

About Americ Energy (CHINA) Co., Ltd. 🏭

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

  • Website: www.metal-ae.com
  • Email: ae@americenergy.com
  • Phone: 13521210668
  • WhatsApp: 13521210668
  • Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

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UNTR Nickel Sales to Reach 1.6 Million Tons This Year, Demand Expected to Grow Continuously Until 2027

 

Nickel Sales and Demand Growth Projections

Recent Highlights

  • After a tiring week, the stainless steel market finally has a chance to catch its breath.
  • With today's developments, is the stainless steel market experiencing a 'turn of fortune'?

According to reports from the Indonesian Business Journal, United Tractors (UNTR) has set a target for nickel ore sales to reach between 1.5 million and 1.6 million tons.

Recently, UNTR's company secretary, Sara K. Loebis, stated that this target was set following the company's forecast that nickel demand will continue to grow until 2027.

At the same time, Sara also provided updates on the continued acquisition of Anugerah Surya Pacific Resources' Stargate nickel mine located in Konawe Utara, South Sulawesi.

It should be noted that the Stargate nickel mine has a production capacity of approximately 2 million to 2.5 million tons of nickel ore. "Currently, we are preparing the land for the construction of the smelter and supporting infrastructure," she said.

She added that the completion target of the Stargate smelter is still under review and is expected to be completed in 2025 or 2026.

Regarding the future outlook for nickel, despite the oversupply in Indonesia and the Philippines, as well as the shadow cast by falling nickel prices, Sara remains optimistic. She believes that compared to the period during the pandemic, the price drop is not significant.

"Currently, nickel prices have fallen compared to last year, but they are still higher than before the pandemic. Therefore, the management of UNTR believes that with continuous efforts to improve production efficiency and sustainable mining efficiency, the nickel mining business can be well operated and managed."

Micro Comment

According to Kontan records, in the first quarter of 2024, UNTR recorded the sale of 382,543 tons of nickel products containing water (wmt) from the Stargate mine.

Details show that by January 2024, UNTR produced only 25,000 wet tons of saprolite, and by February 2024, UNTR's nickel production increased to 138,000 tons, with saprolite production at 60,000 tons and limonite production at 79,000 tons.

Continuing into March 2024, UNTR's nickel production will grow again to 220,000 tons, with saprolite and limonite production at 119,000 tons and 101,000 tons, respectively.

Content from the Indonesian Business Journal, does not represent the views of 51BXG.

51BXG does not guarantee the accuracy of the software translation, for reference only, the copyright belongs to the original author.

Americ Energy (CHINA) Co., Ltd.

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

2024 Stainless Steel China Tour - The 2nd Southwest Stainless Steel Industry Chain Conference

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Stainless Steel Circulation in Southwest China: A Significant 800,000 Tons Monthly

Chongqing, the second most important city in Southwest China, is a hub of population and innovative business forms. The demand for stainless steel products in modern planning and landmark buildings is huge and continues to grow rapidly. The monthly total circulation volume of stainless steel in Chongqing, Kunming, Guiyang, and Chengdu is nearly 800,000 tons. The main consumption fields include decoration, chemical projects, machinery, home products, and liquor enterprises, with Chongqing's monthly circulation volume of stainless steel being around 10,000 to 20,000 tons, mainly circulating 201 and 304 cold-rolled plate resources.

Upcoming Event: To delve deeper into the Southwest stainless steel market, the 2024 Stainless Steel China Tour - The 2nd Southwest Stainless Steel Industry Chain Conference, hosted by Shanghai Steel United E-commerce Co., Ltd. (Mysteel), will be held on August 2, 2024, at the Chongqing Sheraton Hotel. The conference aims to deepen information communication between upstream and downstream, analyze the technical and cost issues faced by current stainless steel product enterprises, and explore how to reduce costs, improve product quality, enhance product competitiveness, and better meet new challenges and opportunities.

Shanghai Steel United sincerely invites downstream enterprises, stainless steel factories, large processing centers, and industry association organizations to participate in this grand event. Through on-site discussions and exchanges between upstream and downstream, the conference will strengthen complementary advantages and create a future together.

Americ Energy (CHINA) Co., Ltd.

Americ Energy (CHINA) Co., Ltd. is a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings include stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

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Handan Xinxing Special Tube Co., Ltd. Successfully Applies for a New Patent

 

🌟 Americ Energy (CHINA) Co., Ltd. 🌟

Handan Xinxing Special Tube Co., Ltd. Successfully Applies for a New Patent

On July 19, 2024, Handan Xinxing Special Tube Co., Ltd. successfully applied for a patent titled "A 17Cr Stainless Steel Seamless Steel Tube for Oil Well Exploitation and Its Preparation Method", with the application publication number CN118360550A, and the application date being April 19, 2024.

The invention discloses a 17Cr stainless steel seamless steel tube for oil well exploitation and its preparation method, which belongs to the field of seamless steel tube forming technology. The seamless steel tube of this invention optimizes the content of Cr, Ni, Mo in terms of cost, reducing raw material costs. At the same time, the preparation method provided by this invention is prepared through the processes of blank forming, blank forging, blank annealing, rough processing of the blank, fine processing of the blank, hot expanding holes, hot extrusion, heat treatment, and straightening; and a head pad is made, the small end of the bell mouth of the head pad is welded with one end of the blank, as the beginning of hole expansion and extrusion; also adjusting the various parameters of the extrusion mold to reduce extrusion. This invention improves surface quality, reduces cracks and folding defects, and increases the yield.

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

- Website: https://www.metal-ae.com/www.metal-ae.com

- Email: ae@americenergy.com

- Phone: 13521210668

- WhatsApp: 13521210668

- Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

Jin Mo + Luoyang Molybdenum Industry's First Half-Year Profit Soars

 

📈 Profit Surge for Jin Mo and Luoyang Molybdenum in the First Half of 2024

Jin Mo Shares 2024 First Half-Year Performance Increase

On July 13, Jin Mo Company released the 2024 semi-annual performance announcement. During the announcement period, the company achieved a total operating revenue of 65.93 billion yuan, an increase of 19.66% compared to the same period last year; the total profit was 19.96 billion yuan, an increase of 1.94%; and the net profit attributable to the shareholders of the listed company was 15.02 billion yuan, an increase of 0.59%. The basic earnings per share were 0.465.

Luoyang Molybdenum: Expected Significant Increase in First Half-Year Net Profit

On the evening of July 12, Luoyang Molybdenum announced that the net profit for the first half of the year is expected to be between 51.89 billion yuan and 57.35 billion yuan, a year-on-year increase of 638%-716%. The main reason for the significant increase in the company's performance in the first half of 2024 compared to the same period last year is the significant increase in the production and sales volume of the main products such as copper and cobalt, the obvious effect of cost optimization and technical improvement measures, and the strong market price of copper in 2024, which has brought about an improvement in performance.

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Leading Companies: The four leading companies in the stainless steel industry have entered a period of fierce competition, attracting attention from the entire industry! Reviewing a few thoughts on the "3·8 London Nickel Qingshan Incident". Congratulations to Qingshan Steel Pipe for being awarded the excellent supplier of Sinopec.

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Contact Information:

Stainless Steel Finally Has a Chance to Catch Its Breath After a Tiring Week

 

📰 Stainless Steel Weekly Insights

Stainless Steel Finally Has a Chance to Catch Its Breath After a Tiring Week

The stainless steel market experienced a weak fluctuation this week, with futures prices continuing to operate weakly and breaking through the previous low. As a result, spot prices have been adjusted accordingly. Traders' efforts to promote sales through discounts have not been very effective, and the social inventory has risen again. There is an expectation of production reduction in steel mills in July, which may alleviate the pressure of future arrivals. The subsequent focus will be on the production and arrival rhythm of steel mills, as well as the stimulus intensity of domestic macroeconomic policies. It is expected that the stainless steel market will continue to fluctuate.

The futures prices of stainless steel have been weakly fluctuating this week, with the stainless steel market continuing to decline and breaking through the previous low. The transaction volume has shrunk during the week, but the last three days of the week saw a significant increase in position holding along with the decline, indicating an increase in market divergence and a strong sentiment of low-level game playing. The center of gravity of prices continues to move down, waiting for a breakthrough in trading volume to choose a direction. The main contract of the stainless steel market closed at 13815 this week, with a weekly decline of 0.65%, and the lowest price of the week was 13670.

Spot Market

In the spot market, the spot price of stainless steel was slightly adjusted this week. As the futures prices continued to operate weakly, the sentiment in the spot market was also relatively low. Steel mills have reduced their list prices, and the order performance was not satisfactory, suppressing the enthusiasm for transactions. The downstream consumption demand side is still mainly cautious and purchases on demand, with a low willingness to replenish stocks.

The price of raw materials is relatively stable, providing some support for the price of stainless steel. The production cost of steel mills is still in a state of reversal, and the steel mills have been receiving normal shipments during the week. The social inventory has started to increase again, and the pressure of market inventory has risen. There are still some traders offering discounts to sell goods, but the effect on promoting transactions is minimal.

The current market is still in a situation of oversupply. The expectation of production reduction in steel mills in July may alleviate the supply pressure, and the market needs to pay close attention to the production plan of steel mills, the rhythm of market arrivals, and the speed of social inventory reduction.

Weekly Average Price Comparison

Weekly Average Price Comparison

Weekly Average Price Comparison

Weekly Average Price Comparison

Weekly Average Price Comparison

Weekly Average Price Comparison

Futures Warehouse Receipts

This week, the inventory of stainless steel registered warehouse receipts at the Shanghai Futures Exchange decreased by 10,170 to 187,594 tons compared to last week. This week, the warehouse receipt volume has finally been reduced, but it is still at a high level, and the speed of reduction needs to be maintained. The warehouse receipt resources bring a lot of pressure to the market inventory, and the market's ability to digest is limited, and the speed of inventory reduction is slow.

In Summary

In summary, this week, the price of stainless steel has been weakly operating, the price of raw materials is relatively stable, and the production profit of steel mills is still in a state of reversal.

There is an expectation of production reduction in steel mills in July, the overall transaction atmosphere in the market is cold, the performance of the downstream consumption demand side is still weak, the effect of traders' discount promotion is not good, and the social inventory has risen again.

The market needs to pay attention to the speed of social inventory reduction and the subsequent production and arrival rhythm of steel mills. It is expected that the stainless steel market will continue to fluctuate.

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

- Website: https://www.metal-ae.com/www.metal-ae.com

- Email: ae@americenergy.com

- Phone: 13521210668

- WhatsApp: 13521210668

- Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China