MMi Daily Iron Ore Report (November 17)

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.

Industrial activity levels outside of central China continues to improve as workers return from quarantine periods and logistics pressures eased.

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

Indonesia Tsingshan on Feb 13 commissioned its second manganese production line

China produced some 2.23 million mt of stainless steel in Oct, up 1.94% from Sep and up 8.62% from a year ago

Stainless steel prices are likely to face pressure as mills step up production and as demand appears to weaken

Stainless steel consumption in Europe is better in 2017 compared to years past, SMM understands.

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