Prices for stainless steel in East Asia, particularly those for hot-rolled products, rose further over the past week amid low inventory levels in China and the sustained upward momentum in the nickel market.
Metal Bulletin's price assessment for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,260-2,350 per tonne cif East Asian ports for the week ended Wednesday June 6, up $30 per tonne from a week earlier.Metal Bulletin's price assessment for benchmark 304 stainless trimmed hot-rolled sheet was $2,260-2,360 per tonne cif East Asian ports for the same period, up $90-100 per tonne week on week.Trading activity was muted over the past week, with many sellers and buyers staying out of the export market after China's offer prices continued to rise.Taiwanese importers also avoided procuring from China because of the territory's ongoing anti-dumping and countervailing investigations into Chinese steel, a source at a Taiwanese steel service center said. The probe is set to end on June 17, after authorities extended...