- Imports offers may rise by $150-200/t m-o-m
- Weak currency, high raw material prices offer cost support
SteelDaily: March 2026 stainless steel offers to South Korea are expected to rise by $150-200/t m-o-m, driven by a combination of higher LME nickel prices and a weaker won, which has significantly lifted import costs and worsened margins for traders.
Current Korean-bound CIF offers for 304 cold-rolled coils stand at $1,950-2,050/t, but market participants expect fresh March offers to move to at least $2,100/t, with some deals already being quoted as high as $2,150/t. Notably, Malaysian-origin 304 CRC has recently been offered at around $2,150/t CIF, indicating a firming trend across Asian supply, even from countries not subject to Korea’s anti-dumping duties.
In the wider Asian market, 304 CRC prices are assessed at $1,960-2,010/t CIF, while Chinese FOB export prices are currently at $2,050-2,120/t. Given currency and cost pressures, Korean landed prices are expected to remain above these levels.
As of 12-13 January, LME nickel stood at $17,930/t, while the won-dollar exchange rate weakened to KRW 1,474/$. At an indicative offer of $2,150/t, the landed cost of 304 CRC into Korea is estimated at around KRW 3.17 million/t, about KRW 180,000/t higher than prevailing domestic prices of roughly KRW 2.95 million/t. This widening gap is squeezing importer margins and adding to cautious buying behaviour.
Market participants expect Korean stainless steel import prices to stay firm in the near term, as rising raw material costs, a weak currency, and higher Asian offers continue to provide strong cost-side support.
Note: This article has been written in accordance with a content exchange agreement between SteelDaily and BigMint.
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