Since the beginning of 2022, the value of cold rolled coil transactions in South Korea has increased by 17%, reaching a fifteen-year high. According to reports, end-users are unable to recoup the cost of the elevated stainless steel pricing.
POSCO, a domestic manufacturer, has announced that selling prices will stay unchanged in May to attract and support local customers. However, a price increase in June is inevitable as a result of recent increases in raw material costs.
Flat product prices in Japan have climbed by 30% year on year. This month, domestic mills saw rises in austenitic grades of roughly JPY20,000 per tonne.
Prices have now reached their highest level since June 2008. Due to the yen's depreciation versus the US dollar, further considerable increases in local currency terms are expected in May.
Taiwan has had the most significant increases in East Asia so far this year. Prices for 300-series coil in the United States have increased by 63 percent year over year. In the first four months of 2022, more than half of this rise occurred.
Distributors' purchasing activity is being stifled by fears of being stuck with high-priced inventory.
Although China has seen significant price increases since the beginning of the year, falling demand has limited such gains. The development of Covid-19 infections has had a substantial influence on stainless steel manufacturing and consumption in the nation since March.Suppliers report difficulties delivering material to customers, due to logistical problems arising from the lockdown restrictions.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.