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April 16, 2018
SHANGHAI, Apr 12 (SMM) – China's Purchasing Managers' Index (PMI) for March extended its upward trend, but prices of stainless steel are unlikely to perform well in the future, said Macquarie Bank analyst Zhao Yingxiang on April 12.
Prices of stainless steel in the US received some support after the US imposed tariffs of 25% on steel imports.
Overcapacity in China and Indonesia weighed on prices in Asia. China has lowered exports of stainless steel from 15% in 2016 to 10-11% in 2018. Global supplies are set to see strong growth as Indonesia enters the global market.