Asian stainless steel markets remained stable last week, with 304 2B cold-rolled coil prices holding steady across East and Southeast Asia. In contrast, Taiwan’s export offers continued to rise, reaching a higher level. This upward movement was due to increased costs and firm pricing stances by steel mills, partly influenced by geopolitical instability in the Middle East.
Chinese export offers stayed flat due to weak domestic demand, but rising local prices and a stronger Chinese Yuan may lead to future increases.
In terms of raw materials, London Metal Exchange (LME) nickel prices rebounded, rising by US$142 last week. However, Indonesian nickel pig iron prices faced further declines. Market participants foresee a period of volatility for Asian cold-rolled coils as weak demand balances against rising input expenses.