Stainless Steel

摘要

Despite the reduction in alloy surcharges on November invoices, transaction prices for cold-rolled stainless steel sheet excluding extras increased in all areas outside of the USA in US dollar terms. In Europe, the increase by an equivalent of nearly 100 dollars/t was entirely due to the appreciation of the euro. Despite this, importers - particularly from Asia - failed to take advantage of the higher prices, which is partially due to the current tightness in Asian markets. Nevertheless, no efforts were made to raise base prices in Europe mirroring the weakening conditions in the USA where transaction prices fell for the third consecutive month. In contrast, Asian prices moved up by between 150-200 dollars/1 month-on-month owing to a shortage of hot band, with Japanese ex-mill prices overtaking US prices for the first time since July. In view of the fact that alloy surcharge levels will be rising regardless of currency movements in December and buying rates in much of the Western World failed to increase last month, it is clear that service centres and stockholders secured sufficient fourth quarter stocks earlier in the year. Latest inventory data in the USA, for example, show that shipments on hand had grown to 4.74 months in October from 4.3 in September. In Europe, lead times are reportedly rising but so is downstream uncertainty and as prices there are at a worldwide premium, it will not be a surprise to see increasing import penetration during the next few months.