- Price hike driven by higher nickel pig iron costs
- Demand stays weak in China, Southeast Asia, Korea
SteelDaily: Asian stainless steel offer prices rose by $30-$40 m-o-m, with Indonesia’s Tsingshan quoting 304 hot-rolled coils (HRCs) to Southeast Asia at $1,680-1,720/tonne (t), averaging $1,700/t. The increase was driven by higher nickel pig iron costs, China’s push to modernise its steel capacity, and infrastructure projects boosting market sentiment.
However, demand remains subdued across Asia, including China, Southeast Asia, and Korea, with the real estate market recovery still sluggish. Market participants note that the current uptick is cost- and supply-driven, and sustained price gains will depend on a genuine recovery in real demand.
In addition, country-specific premiums have kept offers to Korea higher at $1,800-1,850/t. No fourth-quarter offers have been announced yet, and traders remain cautious, expecting limited short-term gains unless global demand strengthens significantly.
Overall, while the recent price uptick reflects stronger cost pressures and supply adjustments, the market’s long-term direction will hinge on economic recovery in key consuming nations and a revival in downstream sectors.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
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