Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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December 2018 | Stainless Steels

Chinese producers yet to show sustained interest in tighter fundamentals: Asian Highlights

There is little doubt that compared to a year ago, demand today is terrible by Chinese standards but we are in a seasonally robust period for Chinese manufacturing.

According to latest assessments, as of December 19th, the CR304 2mm coil price on an in-warehouse Wuxi basis has risen to an average of 14,550 yuan per tonne, up 50 yuan in a week and back to within 50 yuan of the levels recorded at the end of November. Deducting for sales taxes of 17% and converting to US dollars, this is equivalent to a net price of $1,803 per tonne, which given the depreciation in the yuan is actually higher month on month. Given the sales taxes enforced on Chinese exports, the $1,803 per tonne domestic spot price is effectively at least equivalent to $1,875 per tonne fob China making the $1,895 per tonne cif purchase price...


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