China's Industrial Output Rises 5.6% YoY in Jan-Apr, 4.1% in April

The U.S. Department of Commerce (USDOC) announced its preliminary findings for the anti-dumping (AD) administrative review of stainless steel bars from India. The USDOC determined that the collapsed Venus Group (including Atlas Stainless, Venus Wire, and Hindustan Inox) sold products below normal market value, assigning it a preliminary dumping margin of 30.92%. Conversely, Laxcon Steels Private Limited and its affiliates received a 0% margin for complying with fair pricing standards. Five other non-examined Indian firms face a rate of 15.46%, while the review for Ambica Steel Limited was rescinded following a withdrawal request.

On May 18, SMM #1 refined nickel prices fell 900 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,550 yuan/mt, up 150 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel premiums ranged from -500 to 500 yuan/mt.

Chinese Taiwan's stainless steel trade faced a dual contraction in volumes and prices. Export volume dropped 10.4% month-on-month to around 63 thousand tons, though average export valuations managed to hold above the NT$80,000/mt threshold for the second consecutive month. Conversely, import volumes remained stubbornly high at 103 thousand tons despite a minor monthly dip, with average import prices trending lower. Market participants note that the influx of cheaper foreign resources combined with shrinking overseas demand is heavily capping the ability of domestic mills to implement or sustain higher price points.