European Stainless-Steel CR Coil Prices Stabilize, EUROFER Sparks Future Deals with Registration Plans
- 22-Aug-2023 6:54 PM
- Journalist: Nicholas Seifield
The price of Stainless-Steel CR Coil stabilizes in the European spot market amid increases in production rate along with plunging feedstock Nickel prices in the second half of August. The inventory level in the domestic warehouses slightly increases, leading to surplus supply across Euro-Zone nations. Meanwhile, the European government places anti-dumping duties on the import of Stainless-Steel CR Coil from the overseas Indonesian market. Additionally, for the forthcoming months, the local government has planned to place deals to boost the consumption rate and purchasing activity in the European spot market.
In the week ending August 18, the Stainless-Steel CR Coil price remained flat in the European market as the supply surged and feedstock Nickel prices declined. The price of feedstock Nickel showed a decline from August 1 as the supply of Nickel was on a higher edge from the overseas mines. The price got a significant hike on August 18 as the prices uplifted by about USD 400/MT amid inventory level in the local and foreign exchange market declines by 60MT. Nickel's price is expected to stabilize as the demand from the downstream battery industries is anticipated to rise. This would provide strong cost support to the production of Stainless-Steel CR Coil.
Meanwhile, the European Federation has proposed imposing anti-dumping duties on the import of Stainless-Steel CR Coil from Indonesian manufacturers. The Market players have presumed that Stainless-Steel CR Coil from Indonesia is imported into the EU after minor processing in third countries. As a countermeasure to control this, the European Commission has initiated two investigations concerning imposing anti-dumping and anti-subsidy (countervailing) measures on imports of Stainless-Steel CR Coil of Indonesian origin. The supply chain has been anticipated to shift from Indonesian manufacturers toward mills in Taiwan, Turkiye, and Vietnam for the import of the same Stainless-Steel CR Coil.
Furthermore, the production of Stainless-Steel CR Coil remained on a higher edge in the Russian spot market. Russia's Ashinsky plant, a major integrated steel manufacturer, has increased output, increasing local inventory levels. In addition to that, Russia's Krasny Oktyabr (Red October) stainless plant has completed the modernization of the electric-arc steel-smelting furnace designed for smelting stainless and structural steel grades. The start of the high-capacity plant increased the supply of Stainless-Steel CR Coil in the Russian market. Furthermore, the sanctioning of a ban from Russian manufacturers has played a major role in declining the price trend of Stainless-Steel CR Coil. The Switzerland government has supported the 11th sanction of the ban by the European Union as Switzerland has always been a major player in trade with the European nations. The Russian trade has been on an optimistic approach from the UAE and Chinese market players after the ben from the European trade market.
According to ChemAnalyst, the price of Stainless-Steel CR Coil is anticipated to have a bullish market trend as the new deals signed by the European countries will uplift the market. Meanwhile, numerous manufacturing firms in the UK have now been against sanctioning of ban from the Russian market, which might create a tendency to restart trade between European countries and the Russian market, making it a captive market for Europe. The demand for feedstock Nickel from the downstream battery industry is expected to increase as the electric vehicle sector shows robust sales. The demand from the downstream construction and automotive industry will boost amid market sentiment and economic condition uplifts.