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

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November 2019 | Stainless Steels

Austenitic prices fall but margins revive: a recipe for further price decline: Asian Highlights

The average premium for imported CRC over Chinese CRC has exceeded $150 per tonne over the past couple of years though the premium has been narrowing rapidly into the late November low of just $8 per tonne.

Chinese spot prices for cold-rolled (CR) 304 coil (2mm, 2B finish) have fallen hard over November. According to Fastmarkets assessments of the Wuxi market, the CR304 benchmark has lost yuan 850 per tonne to reach an average of yuan 15,000 per tonne in the five weeks between October 25 and November 29. Deducting for 13% sales tax and converting to dollars, the latest assessment works out at $1,887 per tonne by our calculations; a month on month decline of $97 per tonne. Understandably, our assessment of Chinese export prices has also fallen hard, by $120 per tonne to a range of $1,890 per tonne fob, at the low end (large-volume), to $1,940 per tonne at the high. While the export market prices remain more appealing to Chinese suppliers than the more competitive domestic market, our import assessments in East Asian import markets are lower still, ranging from $1,870-1,920 per tonne...


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