Asian stainless steel cold-rolled coil prices remained unchanged last week as buying interest stayed weak and spot trading was limited.
In China, export offers for cold-rolled coils were stable compared with the previous week. In Indonesia, inquiries increased following reports of possible production cuts, but actual trading volumes remained limited. Rising nickel prices also helped mills maintain stable offers.
As for upstream, nickel pig iron prices edged down due to weak purchasing demand from stainless steel mills. Meanwhile, El Niño-related drought has affected nickel production in Indonesia, adding to supply risks as producers may coordinate production cuts. However, water supply is expected to improve with the arrival of the rainy season in December.