EU buyers rush to book Asian stainless sheet ahead of anti-dumping ruling

EU buyers of stainless cold rolled sheet are booking last-minute orders from Asia, to be delivered before the end of the year, ahead of possible anti-dumping duties, market sources told Steel First on Friday September 5.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The European Commission’s continuing investigation focuses on the potential dumping of cold rolled flat stainless steel products and was launched in June.

“At the moment, everyone is buying from Asia to get material in before duties. I think a lot of Europeans are buying extra from Asia for immediate shipment,” a stockholder based in Northern Europe said.

However, higher nickel prices, as a result of a bill to ban exports of unprocessed ores from the Philippines, did lead to Asian sellers worrying about export price competitiveness, market participants said.

The official three-month bid/offer spread for nickel on the London Metal Exchange increase to $19,450/19,455 per tonne on September 5, compared with $18,570/18,575 on August 29.

Meanwhile, base prices for 2mm domestic grade-304 cold rolled sheet remained at €1,100-1,150 ($1,439-1,504) per tonne for October and November rolling, unchanged week-on-week.

Grade-316 2mm CR sheet stainless steel sheet base prices also stayed at previous levels of €1,400-1,440 ($1,831-1,883) per tonne for October and November production.

Although contradicted at the 13th International Stainless & Special Steel Summit earlier this week by representatives of the main European stainless flat steel producers, market sources said stock levels in the region were high.

“There are still plenty of stocks at the stockholder/distributor level,” a second source said.

Grade-304 bright bar base prices remained stable week-on-week at €920-960 ($1,203-1,255) per tonne for October and November rolling.

Finnish stainless steel company Outokumpu’s daily alloy surcharge for grade-304 flat stainless products hit its lowest point this week at €1,423 ($1,861) per tonne and ended the week at its peak of €1,492 ($1,951) - up €69 ($90) per tonne week-on-week.

In grade-316 flat products, the daily alloy surcharge released by Outokumpu troughed at €2,170 ($2,838) per tonne, and closed the week at its highest point of €2,262 ($2,958) per tonne – an increase of €92 ($120) per tonne compared with August 29.

What to read next
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed