MMi Daily Iron Ore Report (September 21)

China's stainless steel imports were 224,000 mt in April, an increase of 10.13% month-on-month and 95.9% year-on-year; exports (excluding stainless steel products) were 410,500 mt, an increase of 24.85% month-on-month and 31.09% year-on-year. The total stainless steel exports were 498,400 mt.

The low-end traded prices of #304 cold-rolled products stood at 15,700-15,800 yuan/mt. Commodities prices surged on Thursday evening with nickel leading price gains.

The nickel industry is in the limelight in the non-ferrous metals commodities market since 2020, as demand and supply fundamentals have become more volatile.

According to SMM survey, the domestic stainless steel output in February totalled about 2.45 million mt, down 217,600 mt or 8.2% month on month, but up nearly 36% year on year as the pandemic took a toll on output in the same period of last year.

China will impose anti-dumping duties on stainless steel from the EU, Japan, South Korea and Indonesia from Jul 23

Exports declined 6.13% from a year ago to stand at 596,800 mt in Jan-Apr

Lower output of chromium-manganese and chromium series stainless steel accounted for the decline

The affiliate of Pittsburgh-based AMG Resources Corporation has acquired 50% stake in its competitor business.

The Indian government has been taking a number of steps to tackle the serious issue of inflow of cheap steel products from China and other nations.

Similar to copper, nickel is not metal investors’ favorite child right now.