One Nickel Smelter Shifts Production on Pessimistic Outlook, SMM Reports

Canada announced retaliatory measures effective September 8 against US Section 338 tariffs, covering 874 tariff lines worth approximately USD 27.6 billion in trade at up to 50% — mirroring the US rate — targeting metal products, dairy, appliances, agricultural machinery, pulp and paper, plastics, and electronics. The US tariffs took effect August 22 following the first-ever invocation of Section 338 of the Tariff Act of 1930, after Washington talks collapsed and Prime Minister Carney withdrew the negotiating team.

According to South Korean customs statistics, total imports of hot-rolled and cold-rolled stainless steel coils from August 1 to 17 amounted to approximately 17,550 tonnes, down about 16.7% YoY, with both hot-rolled and cold-rolled categories declining. Cold-rolled stainless steel coil imports totalled approximately 10,000 tonnes, while hot-rolled stainless steel sheet imports reached approximately 7,500 tonnes, with Taiwan (POC) ranking first at roughly 2,850 tonnes. Market attributed the overall decline to two key factors: persistently weak downstream demand in South Korea's automotive, electronics, and construction sectors dampening domestic purchasing sentiment, and elevated inventory levels prompting traders to proactively reduce new import orders to manage risk.

Taiwan (POC)'s 300-series cold-rolled stainless steel import volumes fell below approximately 8,000 tonnes in July, with import values edging slightly above approximately NT$86,000/tonne. Meanwhile, export volumes rebounded to nearly 24,000 tonnes — the second-highest of the year — while export prices surpassed approximately NT$81,000/tonne, extending an upward trend for a sixth consecutive month with cumulative gains of nearly NT$15,000/tonne since February. The sustained price increase reflects mills' repeated upward quote adjustments over multiple months, with export pricing remaining firm despite a decline in import volumes compared to prior periods.