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5000 / 5000 Kết quả dịch Global stainless steel prices may rise further
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The price increase of stainless steel products in recent years is not as strong as that of other steel products. Even so, stainless steel prices are also at a 4-year high and are still on the rise due to the tightening trade policy.
In China, Wuxi Metal quoted stainless steel prices on June 2, 2021 at $2,457.49 per ton, up 20% from $2,059.56 per ton in early 2021 and up 39% from 1,769. 16 USD/ton a year ago.
On the Shanghai Stock Exchange (China), the price of stainless steel for one-month futures delivery on June 4, 2021 was at CNY 15,535/ton, up 16% compared to CNY 13,385/ton at the beginning of 2021 and up 20% compared to the previous year. with 12,955 CNY/ton a year ago.
The scarcity of stainless steel occurs in many parts of the world as production capacity grows slower than demand, amid a strong recovery in commodity demand after the Covid-19 pandemic and the Transportation is extremely difficult due to the continuing shortage of containers, especially for heavy goods such as iron and steel.
Global stainless steel prices may increase further - Photo 1.
The upward trend in stainless steel prices is expected to continue due to recent developments related to trade policy for stainless steel products - to the detriment of consumers.
As of May 1, 2021, Chinese stainless steel producers will no longer enjoy the 13% export tax refund on this item, drastically reducing the export incentive from Chinese steelmakers and causing them to focus on supplying steel to the domestic market instead of exporting.
According to Fastmarkets, China's export steel prices have increased reasonably recently, on the basis of strong fundamentals (supply - demand). However, since China tightened exports, prices have been and are expected to continue to increase more than expected.
And although exporters have focused on supplying steel to the domestic market, steel prices in China continue to increase, showing that the consumption power of the Chinese market at this time is very strong. . As a result, steelmakers' profits have also increased, now reaching their highest levels in years.
The long-term impact of the move will lead to an increase in the price floor for global stainless steel, and producers in markets that have previously faced stiff competition from China's stainless steel. China is now easing this pressure.
Of course, China's move does not directly affect the European market, where Chinese raw materials have long become expensive due to high anti-dumping duties, making Chinese steel almost absent. on the European market as well.
This may change in the short term, because steel prices in Europe have increased continuously recently, to the extent that imports, even though subject to anti-dumping duties, can still compete with domestic products. Overall, however, European consumers have fewer and fewer options for imports.
In terms of global stainless steel supply and demand, after a decline in production in 2020, the world's stainless steel production is forecast to increase in 2021, with an expected growth rate of over 8%.
Strong activity in China is the main driver of the increase in output predicted this year. Chinese steel mills have increased output to meet very high domestic demand due to the government's economic stimulus programs and due to the general trend of high prices around the world.
U.S. stainless steel production this year is forecast to grow 16% year-on-year, but lower than the figure recorded in 2019. Allegheny Technologies Incorporated is planning to withdraw from the stainless steel market. in this year. Workers at some of this company's facilities may also organize strikes in the near future.
The European Union's stainless steel production this year is forecast to increase by more than 10%. Analyst firm MEPS has raised European production to 7 million tonnes, seeing a sharp increase in output in January and February. Consumer confidence in the region is soaring, as a result of Western nations rapidly rolling out vaccination programs. The lifting of the blockade measures has allowed the stainless steel consuming sectors to resume business activities.
MEPS has lowered its forecast for Taiwan's stainless steel production to 890 thousand tons this year. A large industrial fire at Yieh Corp's Kaohsiung factory. is expected to cause Taiwan's exports to drop significantly in the second quarter of 2021.
Also according to MEPS, stainless steel output of Japan, Korea and India this year will grow by double digits, offsetting the decline from Taiwan.
MEPS forecasts that Indonesia's stainless steel production this year will increase by 7.6% year-on-year to more than 3 million tons. Output at the local producer, Tsingshan, remains high, despite the temporary imposition of anti-dumping duties on exports to the European Union.
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18/8/2025
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