Import prices for stainless steel in East Asia declined over the week ended Wednesday May 15 because of low buying interest in a bearish market that followed the escalation of trade tensions between China and the United States.
China has announced that it will increase duties on $60 billion-worth of US goods from June 1, in a retaliatory action after the latter country raised tariffs on $200 billion-worth of Chinese products to 25%, from 10%, on May 10.Grade-304 stainless steel CRCFastmarkets' weekly import price assessment in East Asia for grade-304 2mm trimmed stainless steel cold-rolled coil (CRC), a benchmark product, was $1,930-1,990 per tonne cif on May 15. This was...