Asian stainless steel prices have held steady over the past two weeks. While Middle East tensions have inflated fuel surcharges, temporarily bolstering costs, downstream demand remains tepid, pointing toward a short-term trend of range-bound fluctuations.
Following a period of gains, Asian stainless cold-rolled coil (CRC) prices have remained flat for two consecutive weeks. In March, grade 304 CRC recorded a cumulative increase of US$90/ton. Coupled with a US$190 jump in January and stable pricing in February, the first quarter saw a total appreciation of US$280.
Regionally, Taiwanese export prices remained unchanged last week with no new quotes reported. Conversely, Chinese export prices saw a slight correction following a sharp spike the previous week.
Raw material movements were mixed. LME nickel spot prices reversed their slide to close at US$16,916 last Friday (March 27), a weekly gain of US$89. However, Indonesian nickel pig iron (NPI) turned bearish, with 10% NPI dipping by US$1.80 compared to the week prior. In China, the main stainless steel futures contract ended a two-week losing streak, with a weekly rebound of CNY 325.
Market participants note that demand has not significantly improved, as buyers maintain a hand-to-mouth procurement strategy. Although base freight rates are stable, fuel surcharges have risen by approximately US$120/ton, providing a floor for prices. Consequently, the market is expected to remain stable with minor fluctuations in the near term.