Ministry of Commerce Anti-dumping Investigation on Stainless Steel from the EU, UK, South Korea, and Indonesia

Anti-dumping Investigation on Stainless Steel from the EU, UK, South Korea, and Indonesia

The Ministry of Commerce has issued a notice, deciding to conduct a review of the anti-dumping measures applicable to imported stainless steel billets and hot-rolled stainless steel plates/coils originating from the European Union, the United Kingdom, South Korea, and Indonesia, starting from July 23, 2024. The announcement is as follows:

1. Continuation of Anti-dumping Measures

Upon the recommendation of the Ministry of Commerce, the Tariff Commission of the State Council has decided that during the review of the anti-dumping measures, the imported stainless steel billets and hot-rolled stainless steel plates/coils from the European Union, the United Kingdom, South Korea, and Indonesia will continue to be taxed according to the scope and tax rates of the products announced in the Ministry of Commerce's announcement No. 31 of 2019. The stainless steel billets and hot-rolled stainless steel plates/coils from POSCO will continue to implement the price commitment according to the Ministry of Commerce's announcement No. 31 of 2019. From July 23, 2024, the anti-dumping measures applicable to the imported stainless steel billets and hot-rolled stainless steel plates/coils from Japan will be terminated.

Anti-dumping Tax Rates for Each Company

All EU companies: 43.0%
All UK companies: 43.0%
South Korean companies:
- POSCO: 23.1%
- Other South Korean companies: 103.1%
All Indonesian companies: 20.2%

During the implementation of the price commitment by POSCO, the products investigated by the company will not be subject to anti-dumping tax if exported to China at no less than the committed price; if there is a violation of the price commitment or other situations that terminate the price commitment, the anti-dumping tax rate of the company will be levied.

2. Review Investigation Period

The dumping investigation period of this review is from January 1, 2023, to December 31, 2023, and the industry damage investigation period is from January 1, 2019, to December 31, 2023.

3. Scope of Review Investigation Products

The scope of the review products is the same as the products applicable to the original anti-dumping measures, as announced in the Ministry of Commerce's announcement No. 31 of 2019. The specific details are as follows:

Chinese Name: Stainless Steel Billet and Hot-rolled Stainless Steel Plate (Coil).
English Name: Stainless Steel Billet and Hot-rolled Stainless Steel Plate (Coil).
Product Description: Stainless steel billets and hot-rolled stainless steel plates/coils refer to alloy steel with a carbon content of 1.2% or less by weight and a chromium content of 10.5% or more, regardless of whether other elements are present. Stainless steel billets have a rectangular (excluding square) cross-section or other semi-finished stainless steel products. Hot-rolled stainless steel plates/coils are made from stainless steel billets through hot rolling and other processes, and are available in coil or sheet form, regardless of width and thickness.
Main Uses: There are generally two uses. One is as raw material for cold-rolled stainless steel, which is processed through cold rolling to make cold-rolled stainless steel products; the other is as a final product sold directly, mainly used in ships, containers, railways, electricity, petroleum, petrochemical and other industries.

4. Content of Review

The content of this review investigation is whether the termination of the anti-dumping measures on imported stainless steel billets and hot-rolled stainless steel plates/coils from the European Union, the United Kingdom, South Korea, and Indonesia may lead to the continuation or recurrence of dumping and damage.

5. Registration for Investigation

Interested parties can register to participate in this anti-dumping review investigation within 20 days from the date of publication of this announcement to the Trade Remedy Investigation Bureau of the Ministry of Commerce. Participants in the investigation should provide basic identity information, the quantity and amount of the investigated products exported to or imported from China, the quantity and amount of similar products produced and sold, and related information according to the "Reference Format for Registration to Participate in the Investigation". The "Reference Format for Registration to Participate in the Investigation" can be downloaded from the Trade Remedy Investigation Bureau's website of the Ministry of Commerce.

6. Review of Public Information

Interested parties can download or go to the Trade Remedy Public Information Reading Room of the Ministry of Commerce (phone: 0086-10-65197856) to find, read, copy, and photocopy the non-confidential text of the application submitted by the applicant. During the investigation, interested parties can query the public information of the case through the relevant website or go to the Trade Remedy Public Information Reading Room of the Ministry of Commerce to find, read, copy, and photocopy the public information of the case.

7. Comments on the Case

Interested parties who need to comment on the scope of the products, the qualifications of the applicants, the investigated countries (regions), and other related issues of this investigation can submit written opinions to the Trade Remedy Investigation Bureau of the Ministry of Commerce within 20 days from the date of publication of this announcement.

8. Investigation Method

According to Article 20 of the Anti-dumping Regulations of the People's Republic of China, the Ministry of Commerce can use questionnaires, sampling, hearings, on-site inspections, and other methods to understand the situation from relevant interested parties and conduct investigations. To obtain the necessary information for this case investigation, the Ministry of Commerce usually issues questionnaires to interested parties within 10 working days from the deadline for registration to participate in the investigation as stipulated in this announcement. Interested parties can download the questionnaire from the website of the Trade Remedy Investigation Bureau of the Ministry of Commerce. Interested parties should submit complete and accurate questionnaires within the specified time, which should include all the information required by the questionnaire.

9. Submission and Processing of Information

During the investigation process, interested parties should submit comments, questionnaires, etc., through the "Trade Remedy Investigation Information Platform" (https://etrb.mofcom.gov.cn) in electronic format, and submit the paper version at the same time according to the requirements of the Ministry of Commerce. The content of the electronic version and the paper version should be the same, and the format should be consistent. If the information submitted by the interested parties needs to be kept confidential, they can request the Ministry of Commerce to keep the relevant information confidential and explain the reasons. If the Ministry of Commerce agrees to their request, the interested parties applying for confidentiality should also provide a non-confidential summary of the confidential information. The non-confidential summary should contain sufficient meaningful information to enable other interested parties to reasonably understand the confidential information. If the interested parties cannot provide a non-confidential summary, they should explain the reasons. If the information submitted by the interested parties does not indicate the

Ningbo Baoxin's BA Plate Order Volume Increased by 34% in the First Half of the Year; June Domestic Stainless Steel Related Import and Export Data Released

Stainless Steel Industry News Highlights

Market Dynamics

Stainless Steel Futures: The stainless steel futures contract 2409 increased by 90 to 13,850 CNY/tonne, with the current spot-futures price difference at 120.

Foshan Market: After fluctuating, the stainless steel futures rebounded and stood above the 13,800 mark. Spot market prices for 304 cold-rolled materials showed mixed movements, with some falling 20-50 to facilitate transactions, while others slightly increased. However, trading remained quiet.

Wuxi Market: Inquiries in the morning showed that the mainstream quoted price for 304 cold-rolled four-foot materials in the private sector was 13,500 CNY/tonne, unchanged from last Friday; the hot-rolled price was 13,350 CNY/tonne, up 50 from the previous Friday.

Industry News

Ningbo Baoxin's Order Growth: Ningbo Baoxin reported a 34% year-on-year increase in BA plate order volume in the first half of the year, along with growth in other product categories.

Anti-dumping Announcement: China's Ministry of Commerce has announced the continuation of anti-dumping duties on stainless steel billets and hot-rolled coils from the EU, UK, South Korea, and Indonesia, following the expiration review investigation.

Trial Production of Stainless Steel Heat Exchanger Tubes: A 30,000-tonne/year high-end stainless steel heat exchanger tube project, invested by Zhejiang Julong Special Material Group Co., Ltd., has entered the trial production phase.

Export and Import Data: In June, the top 20 export regions for Chinese stainless steel accounted for 36.47 million tonnes, with India being the largest export destination. The top 5 import regions accounted for 12.46 million tonnes, with Indonesia being the largest source of imports.

Raw Material Related

Jinchuan Company's Nickel Price Adjustment: Jinchuan Company has adjusted its electrolytic nickel quotations downward by 1,300 CNY.

Furnace Ignition at a High-Carbon Chromium Factory: A 18,000KVA furnace at a high-carbon chromium iron factory in Inner Mongolia has been ignited, with an expected monthly output of over 3,000 tons of high-carbon chromium iron.

Import Data for Chrome and Nickel Iron: China's imports of chrome iron and nickel iron have shown significant increases both month-on-month and year-on-year.

Stainless Steel Scrap Import Decrease: China's import of stainless steel scrap has decreased significantly compared to the previous month and the same period last year.

Nickel Production Capacity in Indonesia: Zhongwei Shares has disclosed that it has built a nickel resource smelting base in Indonesia with a capacity of 200,000 metal tons.

About Americ Energy (CHINA) Co., Ltd.

Americ Energy (CHINA) Co., Ltd. is a distinguished manufacturer and distributor of an extensive array of stainless steel products, tailored to meet the varied requirements of multiple industries. Their product range includes stainless steel tubes, plates, strips, and square tubes, all adhered to the highest quality standards.

Contact Information:

Website: https://www.metal-ae.com/www.metal-ae.com
Email: ae@americenergy.com
Phone: 13521210668
whatsapp: 13521210668
Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

Stainless Steel Exports Boosted in the First Half of 2024

Looking back at the first half of 2024, domestic stainless steel performance was not satisfactory, but the export market has won a glimmer of opportunity in the fierce overseas market competition. From the export data in the first half of 2024, except for the impact of the Spring Festival holiday in February, other months were at a high level, and the export volume in May even set a new high since July 2022. From January to May 2024, the cumulative export volume of domestic stainless steel was about 1.912 million tons (second only to the 1.931 million tons in the same period of 2022), an increase of 12.8% year-on-year. Against the backdrop of the impressive performance of stainless steel exports, what factors have contributed to this?

1. Decline in Overseas Stainless Steel Supply and Better Demand for Exports

Since 2024, European stainless steel companies such as Outokumpu and Acerinox's Los Barrios plant have been affected by strikes, leading to a decrease in stainless steel production. The data released in the first quarter of 2024 showed a decrease of 1.3% and 6% respectively compared to the fourth quarter of 2023. After a 136-day strike, the production activities of the Los Barrios plant were almost paralyzed, and the plant had changed from five shifts to three shifts, with a significant drop in supply. It is reported that in late June, the workers of the plant finally accepted the proposed collective agreement, and Acerinox has begun to prepare for the resumption of production. The delivery times of other European steel plants have also been extended, mostly for delivery in August and September, and many distributors' inventory is lower than demand. In addition, POSCO's stainless steel equipment was inspected in May in South Korea, and the supply of stainless steel in Japan and India also declined. With the decline in supply from overseas stainless steel companies and prices on the rise, while China's stainless steel production remains high and prices are relatively weak, the demand for Chinese stainless steel has improved due to the price advantage.

2. Increase in the Proportion of Stainless Steel Processing Trade

In recent years, the performance of stainless steel exports has been good, partly because the proportion of processing trade has increased, and this volume will also be reflected in future exports, leading to an increase in the number of exports to a certain extent. According to statistics, the year-on-year increase in processing trade in 2021 was about 338,300 tons, accounting for 30.1% of the year-on-year increase in imports, which was at a high level since 2018. Since 2024, the import volume of stainless steel has increased year-on-year, and the proportion of the increase in processing trade has also risen to 29.8%. This volume, after being processed domestically, will also be reflected in subsequent exports.

3. Export Volume to Southeast Asia Sets a New High

Since 2024, the economy in Southeast Asia has been steadily recovering, and construction and infrastructure projects continue to expand, increasing the demand for stainless steel. Since March 2024, the volume of stainless steel exported from China to Southeast Asia has been growing rapidly. In May 2024, the volume of stainless steel exported to Southeast Asia was about 119,400 tons (a new high), an increase of 19.7% month-on-month and 85.5% year-on-year. From January to May, the cumulative volume of stainless steel exported to Southeast Asia was about 415,800 tons, an increase of 114,300 tons year-on-year, an increase of 37.9%. Among them, the increase in stainless steel exports to Vietnam was the most obvious, with a volume of about 44,000 tons in May, an increase of 4% month-on-month and 81.5% year-on-year. The cumulative volume increased by 44% from January to May.

4. Increase in Cold Rolled Processing and Exports to Turkey

Since 2024, the volume of stainless steel exported from China to Turkey has been gradually increasing. In May, the volume reached 52,000 tons, a historical high, an increase of 38.9% month-on-month and 133.3% year-on-year. The increase is mainly reflected in the volume of cold-rolled stainless steel. In May, about 37,000 tons of cold-rolled stainless steel were exported from China to Turkey, an increase of 29.9% month-on-month and 120.5% year-on-year. As a result, POSCO Assan TST in Turkey proposed to impose a 20% anti-dumping tariff on stainless steel from China and Indonesia. According to customs data, the increase in this cold-rolled volume is mainly due to the increase in the volume of processing and re-export. The following two charts also show a high degree of consistency. In March and May 2024, the volume of cold-rolled stainless steel processed and re-exported from China to Turkey was about 14,000 tons, accounting for about 40% of the cold-rolled volume exported to Turkey.

Overall, due to the oversupply of stainless steel in mainland China and the lack of improvement in market demand, some stainless steel companies have turned their attention to exports, where prices have a competitive advantage in the overseas market. Moreover, under the influence of the EU's anti-circumvention investigation on cold-rolled stainless steel from Turkey and Vietnam, the performance of China's stainless steel exports has been good. It is reported that the markets in Southeast Asia and the Middle East are also very active. As the consumption off-season approaches, the orders for stainless steel exports are gradually weakening. Recently, the news of "Indonesia's Yongwang suspension of production in June, or for 2 months" has caused a stir again. Can the export of cold-rolled coil plates, which accounts for 48% of China's stainless steel exports, continue to usher in opportunities?

( Source: Mysteel )

Stainless Steel Finally Has a Chance to Catch Its Breath After a Tiring Week

📰 Stainless Steel Weekly Insights

Stainless Steel Finally Has a Chance to Catch Its Breath After a Tiring Week

The stainless steel market experienced a weak fluctuation this week, with futures prices continuing to operate weakly and breaking through the previous low. As a result, spot prices have been adjusted accordingly. Traders' efforts to promote sales through discounts have not been very effective, and the social inventory has risen again. There is an expectation of production reduction in steel mills in July, which may alleviate the pressure of future arrivals. The subsequent focus will be on the production and arrival rhythm of steel mills, as well as the stimulus intensity of domestic macroeconomic policies. It is expected that the stainless steel market will continue to fluctuate.

The futures prices of stainless steel have been weakly fluctuating this week, with the stainless steel market continuing to decline and breaking through the previous low. The transaction volume has shrunk during the week, but the last three days of the week saw a significant increase in position holding along with the decline, indicating an increase in market divergence and a strong sentiment of low-level game playing. The center of gravity of prices continues to move down, waiting for a breakthrough in trading volume to choose a direction. The main contract of the stainless steel market closed at 13815 this week, with a weekly decline of 0.65%, and the lowest price of the week was 13670.

Spot Market

In the spot market, the spot price of stainless steel was slightly adjusted this week. As the futures prices continued to operate weakly, the sentiment in the spot market was also relatively low. Steel mills have reduced their list prices, and the order performance was not satisfactory, suppressing the enthusiasm for transactions. The downstream consumption demand side is still mainly cautious and purchases on demand, with a low willingness to replenish stocks.

The price of raw materials is relatively stable, providing some support for the price of stainless steel. The production cost of steel mills is still in a state of reversal, and the steel mills have been receiving normal shipments during the week. The social inventory has started to increase again, and the pressure of market inventory has risen. There are still some traders offering discounts to sell goods, but the effect on promoting transactions is minimal.

The current market is still in a situation of oversupply. The expectation of production reduction in steel mills in July may alleviate the supply pressure, and the market needs to pay close attention to the production plan of steel mills, the rhythm of market arrivals, and the speed of social inventory reduction.

Weekly Average Price Comparison

Futures Warehouse Receipts

This week, the inventory of stainless steel registered warehouse receipts at the Shanghai Futures Exchange decreased by 10,170 to 187,594 tons compared to last week. This week, the warehouse receipt volume has finally been reduced, but it is still at a high level, and the speed of reduction needs to be maintained. The warehouse receipt resources bring a lot of pressure to the market inventory, and the market's ability to digest is limited, and the speed of inventory reduction is slow.

In Summary

In summary, this week, the price of stainless steel has been weakly operating, the price of raw materials is relatively stable, and the production profit of steel mills is still in a state of reversal.

There is an expectation of production reduction in steel mills in July, the overall transaction atmosphere in the market is cold, the performance of the downstream consumption demand side is still weak, the effect of traders' discount promotion is not good, and the social inventory has risen again.

The market needs to pay attention to the speed of social inventory reduction and the subsequent production and arrival rhythm of steel mills. It is expected that the stainless steel market will continue to fluctuate.

Stainless Steel, Is It "Searching for Light in Hell"?

Stainless Steel's Struggle Amidst Changing Market Dynamics

Recently, the stainless steel market has been abuzz with discussions and speculations. Let's dive into the latest hot topics:

Qingshan's pan prices have dropped by 100! Agents continue to offer discounts. The competition is getting fierce!
As soon as the collection of scrap materials was halted, people started to speculate if this was a strategic retreat.

On July 18, 2024, in the Foshan market, a trending topic emerged: A vegetable market in Yantian, Shenzhen, offered free cooking services, causing panic among a group of restaurants!

🏃‍♂️ The competition is fierce! The rapid development of technology, like AI, is causing job displacement, and now even the food and beverage industry seems to be innovating. Milk tea has made its debut, aiming to be the "Light of Hell"; as for us in the stainless steel industry, we are now 'Searching for Light in Hell'...

After a long absence, the author's favorite jester commented on the situation today.

In July, the market lacked excitement, so stainless steel bosses have all started to travel, hoping to bring back a good mood and a good market trend. However, there is a group that is not worried about the market trend but is anxious about something else.

This group refers to the export sector.

📉 There has been a lot of talk about the tax rebate for zero-tax products, with the dividing line being the 20th. During the grace period, the tax rebate is about 2.2%. However, there is a rumor that after July 20th, the normal tax rate will be around 24%, but it is not clear whether this is true. The difference is quite significant. The tax rebate is to be implemented by the actual owner of the goods or the manufacturer, with customs brokers, shipping ports, and freight forwarders assisting in the completion.

Feedback from export merchants:

What I heard is that the 'two highs and one low' will be reviewed and supplemented, not just for stainless steel. It is said that according to the (value-added tax, income tax, and local tax) comprehensive preferential tax rate, a tax of 2.12% will be paid. Those who do not cooperate will bear the subsequent legal responsibilities.

Previously, foreign trade merchants reported:

Every order counts, and all must be supplemented. If there is a special reason for not being able to contact or refuse to supplement, the tax bureau will investigate from the business unit, customs broker, shipping port, freight forwarder, and owner, and if there is a clue interruption, it will be handed over to the economic investigation for handling until the supplement is completed.

Foreign trade merchants said:

It's hard to take orders, the industry is chaotic, so sometimes we hope it can be more standardized, at least the competition will not be so fierce. I feel that the people in our industry are very brave, they will be restrained on the tuyere, and after a while, they will still return to the original state. As for the tax supplement, I don't know if it's the whole industry to do it, or it depends on luck. The bullet has been flying for a while, and everyone should have a bottom in their hearts, just to see when this sword falls...

Regarding the rumors, export merchants said.

Overall, the group that has experienced its high moments is also slowly fading a bit.

BBA said it would collectively withdraw from the price war because the price war has hurt the foundation, and if it can't afford to lose, it won't play. The "shuffle tide" in the stainless steel industry is that those who can't hold on will run first.

In the current environment, which is not prosperous, with operating costs continuing to increase and profits becoming more difficult, people in the stainless steel industry have chosen to "hold on a little longer". As a result, everyone has become like a donkey in the Arabian region: the carrot hanging on the forehead is always there but always can't be eaten, but it gives it the motivation to move forward and the courage to persist.

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

Website: https://www.metal-ae.com/www.metal-ae.com
Email: ae@americenergy.com
Phone: 13521210668
WhatsApp: 13521210668
Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

Stainless Steel Market's Main Concern is Not Anti-Dumping, But This Matter

🔍 Stainless Steel Market's Main Concern

July 22nd, Foshan Market News: Today marks the beginning of the hottest season of the year, Da Shu, which is also known as the Great Heat. Perhaps due to the need for restocking on Monday, the stainless steel market also showed signs of "warming up" compared to last week. The market was restless throughout the day. In the morning, attention was drawn to the "Ministry of Commerce's continued imposition of anti-dumping duties on imported stainless steel billets from Indonesia and other countries"; in the afternoon, the hot topic was the significant drop in stainless steel futures warehouse receipts:

📉 Significant Decrease in Stainless Steel Futures Warehouse Receipts

According to data from the Shanghai Futures Exchange, today's stainless steel futures warehouse receipts recorded 147,747 tons, a decrease of 39,847 tons from the previous trading day, a drop of 21.24%. This is the first significant inventory reduction on a trading day within the year, which has attracted considerable attention from the industry:

Voice 1: Level the market, deliver the warehouse receipts to agents, QS is the largest arbitrage company combining futures and spot trading.
Voice 2: The nearly 40,000 tons of warehouse receipts reduced corresponds to last week's GJ futures September short position of about 7,000 contracts closed (holding 9,000 contracts). This position belongs to QS, indicating it is a steel mill action.
Voice 3: The purpose of the significant reduction in positions by ZGGJ that day was to convert warehouse receipts into spot goods. All of Yongwang's warehouse receipts were converted into spot sales, totaling about 48,000 in East China and South China combined.
Voice 4: Today, while commodity futures are falling, why is stainless steel rising instead? It is due to the reduction of short positions, indicating that steel mills do not want to deliver in September and are selling spot goods to agents.
Voice 5: It is said that steel mills have instructed agents not to sell to futures and spot institutions, but the steel mills themselves are issuing warehouse receipts. After a rebate of 13550, it's about 13450 at the base.

Micro-comment: In the evening of Foshan, the sunset is particularly beautiful, spreading across the stainless steel circle of friends.

🌆 "Whether it's beautiful or not depends on the mood. You say such a market, the steel mill is in a good mood, so controllable. Like us, people who survive in the cracks, I feel that it is blood, the blood that the stainless steel people have shed with scars, and I don't have the mood to appreciate the beauty," said Old Iron.

Well, whoever is weak has reason, and whoever is hurt has the final say.

AmeriCan Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

Website: https://www.metal-ae.com/www.metal-ae.com
Email: ae@americenergy.com
Phone: 13521210668
whatsapp: 13521210668
Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

Stainless Steel Plant Shutdown for Maintenance, Can 201 Cause a Stir?

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🔧 Stainless Steel Plant Shutdown for Maintenance 🔧

July 22nd, Foshan Market News: According to market reports, due to internal inventory pressure and the current weak market performance, after a comprehensive analysis of production, sales, and supply, a large stainless steel wide cold-rolled steel plant in South China has started a half-month shutdown from today. It is expected to affect the production of about 25,000 tons, mainly for 201 cold rolling.

Market Overview 📊

Today, the base price of 201 cold-rolled J5 material in the circulation market is reported at 7,850 yuan/ton.

📰 Video News Information 📰

For more detailed market trends and updates, please stay tuned to our video news channel.

About Americ Energy (CHINA) Co., Ltd. 🏭

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

Website: www.metal-ae.com
Email: ae@americenergy.com
Phone: 13521210668
WhatsApp: 13521210668
Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

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UNTR Nickel Sales to Reach 1.6 Million Tons This Year, Demand Expected to Grow Continuously Until 2027

Nickel Sales and Demand Growth Projections

Recent Highlights

After a tiring week, the stainless steel market finally has a chance to catch its breath.
With today's developments, is the stainless steel market experiencing a 'turn of fortune'?

According to reports from the Indonesian Business Journal, United Tractors (UNTR) has set a target for nickel ore sales to reach between 1.5 million and 1.6 million tons.

Recently, UNTR's company secretary, Sara K. Loebis, stated that this target was set following the company's forecast that nickel demand will continue to grow until 2027.

At the same time, Sara also provided updates on the continued acquisition of Anugerah Surya Pacific Resources' Stargate nickel mine located in Konawe Utara, South Sulawesi.

It should be noted that the Stargate nickel mine has a production capacity of approximately 2 million to 2.5 million tons of nickel ore. "Currently, we are preparing the land for the construction of the smelter and supporting infrastructure," she said.

She added that the completion target of the Stargate smelter is still under review and is expected to be completed in 2025 or 2026.

Regarding the future outlook for nickel, despite the oversupply in Indonesia and the Philippines, as well as the shadow cast by falling nickel prices, Sara remains optimistic. She believes that compared to the period during the pandemic, the price drop is not significant.

"Currently, nickel prices have fallen compared to last year, but they are still higher than before the pandemic. Therefore, the management of UNTR believes that with continuous efforts to improve production efficiency and sustainable mining efficiency, the nickel mining business can be well operated and managed."

According to Kontan records, in the first quarter of 2024, UNTR recorded the sale of 382,543 tons of nickel products containing water (wmt) from the Stargate mine.

Details show that by January 2024, UNTR produced only 25,000 wet tons of saprolite, and by February 2024, UNTR's nickel production increased to 138,000 tons, with saprolite production at 60,000 tons and limonite production at 79,000 tons.

Continuing into March 2024, UNTR's nickel production will grow again to 220,000 tons, with saprolite and limonite production at 119,000 tons and 101,000 tons, respectively.

Content from the Indonesian Business Journal, does not represent the views of 51BXG.

51BXG does not guarantee the accuracy of the software translation, for reference only, the copyright belongs to the original author.

Americ Energy (CHINA) Co., Ltd.

Contact Information:

Website: https://www.metal-ae.com/www.metal-ae.com
Email: ae@americenergy.com
Phone: 13521210668
whatsapp: 13521210668
Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

When will the stainless steel market turn around?

When Can the Stainless Steel Market Turn Around?

Recently, the stainless steel futures market has experienced a decline, with no significant improvement in market demand, and social inventory remains difficult to digest. The current trend of stainless steel prices is weak. When will this situation turn around?

Futures Market Fluctuates Downward

Market performance is not satisfactory. Recently, the stainless steel futures market has fluctuated downward, and the market is filled with pessimistic sentiment. With the new round of steel mill price adjustments, many spot merchants have followed suit. Downstream companies are cautious and wait-and-see, and transactions are still based on the demand for purchase. The futures market may affect the current market sentiment, and the overall market performance is not good.

Raw Material Prices Support

Although macro factors are weakening, the supply of Indonesian nickel ore is still tight due to the approval process and the rainy season. The smelting cost of Indonesian ferronickel factories is high, and the price of ferronickel is well supported. Domestic trade prices may warm up, but it is still necessary to pay attention to policy changes in the Indonesian industry. At present, steel mills are temporarily unable to accept the purchase of high-priced raw materials and maintain a price-pressing mentality for the purchase of raw materials such as ferronickel.

Supply Contraction Not Significant

From the supply side, the production of stainless steel crude steel in July is 3.2467 million tons, a month-on-month decrease of 1.27%. The production of stainless steel in July may further decline, but the contraction of supply is not significant. In the latest inventory data (as of July 18), the total social inventory of stainless steel in the mainstream national market of 89 warehouses is 1.1087 million tons, a week-on-week increase of 1.94%. The total social inventory of stainless steel in the mainstream national market of 89 warehouses has increased this period, with various series having different degrees of inventory increase. Downstream replenishment operations are cautious, the market is mainly based on the demand for purchase, and the pressure of stainless steel de-stocking still exists.

International Economic Situation is Severe

On the macro level, international precious metal futures generally fell, and most of the basic metals in London closed down. In addition, the Federal Reserve released the Beige Book on the economic situation, which is expected to slow down economic growth in the next six months due to various factors such as elections, policies, and political conflicts. Affected by the international macroeconomic situation, the overall market sentiment is not good.

Summary

In summary, the stainless steel futures market fluctuates downward, downstream demand is still weak, the macroeconomic situation is not good, and the market is full of wait-and-see sentiment. In the short term, the price of stainless steel may operate weakly and steadily. When the current market situation will turn around needs to continue to pay attention to market dynamics, supply and demand conditions, and policy trends.

Contact Information:

- Website: https://www.metal-ae.com/www.metal-ae.com

- Email: ae@americenergy.com

- Phone: 13521210668

- whatsapp: 13521210668

- Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

Why Asian Stainless Steel Mills, Represented by China, Are More Competitive?

According to a message from Gerber on July 18, 2024, if there is one thing clear about Europe, it is that domestic steel and stainless steel mills have been reluctant to invest in outdated production methods for many years.

Without subsidies from the EU or member states, Europe would be helpless in terms of steel. This is not a new or surprising realization; Brussels has known this for decades.

"European Steel Agreement" on a One-Way Street

The recent position paper submitted by the German branch of the European People's Party (EPP) to the European Parliament, calling for a "European Steel Agreement," once again clearly shows this, and also shows who the final product of this position paper is.

European Stainless Steel is Outdated

This is the fear of Western multinational steel groups, who use completely outdated steel plants and technology to produce steel and stainless steel in Europe, and once again whisper evil stories about stainless steel to members of the European Parliament. If more protection and subsidies are not provided, a flood of cheap steel may sweep across Europe. Important evidence shows that this perfidious strategy and politicians who are willing to be obedient victims, in addition to the EU's safeguard measures for certain steel products (extended to 2026), bureaucratic CBAM mistakes, and two anti-circumvention lawsuits against flat-rolled stainless steel from Indonesia.

Asia Surpasses Europe in Innovation and Emissions

Despite the fact that Europeans have been squeezing the so-called "cows" behind national barbed wire fences for decades, Asia has built new state-of-the-art steel plants.

The production methods used include the RKEF-AOD process in Indonesia and China. These steel plants can not only save up to 25% of energy compared to old electric arc furnaces (EAF) in Europe to produce stainless steel, but also reduce carbon dioxide emissions by using renewable energy and at least 90% scrap content.

The outdated steel plants that Europe (such as ThyssenKrupp, Westphalia Hütte, Dortmund, Germany, 2002) sold to Asia before the 21st century no longer exist.

Threat of Overcapacity and Dirty Steel?

Nevertheless, Brussels is still trying to spread the threat of overcapacity (it has a lot of overcapacity itself) and dirty steel production.

In order to prove the rationality of the carbon border tax CBAM, despite it being full of formal errors and obviously based on false data and assumptions.

The demand for import quotas for steel produced by electric arc furnaces under CBAM clearly shows this. Just use green energy and a little more scrap in the electric arc furnace, and steel and stainless steel will suddenly become carbon dioxide-friendly.

Of course, it is not possible for the whole world to suddenly start producing green steel. Brussels and companies do not plan for this!

Better Population Prospects in Asia

For example, the population of Germany, a member state of the EU, is getting older, and the next generation no longer wants to ruin their health for invisible investors and replaceable company leaders, but there are still many places in the world with a better population situation. In Asia, it is easier to find and retain labor. Whether through education and training, health insurance, or fair and reliable pay. For example, this can be seen from a famous Chinese stainless steel manufacturer, which not only invests in the most advanced equipment and environmental protection but also carries out extensive training programs, thus caring more about its workers than some (Southern European) European stainless steel mills.

What Europe Needs Now

European steel and stainless steel industries no longer need any protectionism based on hypocrisy and lies. What Europe needs is an optimistic spirit. The willingness to take entrepreneurial risks again. And a significant reduction in bureaucracy that only serves the self-protection of the state and European institutions. Europe must get rid of old and rigid structures, dismantle market blockades and trade barriers.

If some steel oligopoly enterprises are put aside in this process, that's nothing big. European SMEs are desperately looking for qualified employees and are very willing to express the necessary gratitude to them. And are very happy to get more attention from Brussels to make changes.

About Americ Energy (CHINA) Co., Ltd.

Contact Information:

Website: https://www.metal-ae.com/www.metal-ae.com
Email: ae@americenergy.com
Phone: 13521210668
whatsapp: 13521210668
Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

1. Continuation of Anti-dumping Measures

Anti-dumping Tax Rates for Each Company

2. Review Investigation Period

3. Scope of Review Investigation Products

4. Content of Review

5. Registration for Investigation

6. Review of Public Information

7. Comments on the Case

8. Investigation Method

9. Submission and Processing of Information

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About Americ Energy (CHINA) Co., Ltd.

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Why Asian Stainless Steel Mills, Represented by China, Are More Competitive?

"European Steel Agreement" on a One-Way Street

European Stainless Steel is Outdated

Asia Surpasses Europe in Innovation and Emissions

Threat of Overcapacity and Dirty Steel?

Better Population Prospects in Asia

What Europe Needs Now

About Americ Energy (CHINA) Co., Ltd.