Base prices continue to be held down in most regions by the fundamentals. Only in the United States has a slight strengthening in demand and a strong focus through the supply chain on inventory management allowed mills to lift base prices over the last month. US mills will attempt similar increases over the coming quarters as long as demand holds steady. However, they will be concerned by the threat of Chinese imports if the differential increases too much.Chinese stainless traders have experienced the opposite effect. Supply is divorced from demand realities and so prices are under constant pressure. With Chinese demand weak, it is no wonder that Chinese exporters are heavily discounting prices into Southeast Asian markets.
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