US Stainless Steel HR Coil Prices Hold Firm Amid Uncertain Demand and Ample Supply

In the first week of November, the price of Stainless Steel HR Coil remained at a firm growth rate as the demand remains uncertain with a few deals placed in the US spot market. The US-based warehouses still have plenty of Stainless Steel HR Coil supply as the consumption from the domestic downstream aerospace and energy sector. The end-use Automotive industries have also shown growth because of the deals finalized by the Automotive manufacturing companies and UAW workers, which were before strikes against the big three in the US spot market. The US Department of Commerce has also recently announced the continuation of anti-dumping and countervailing duties on importing Stainless Steel HR Coil from overseas Indian and Chinese manufacturing mills.

Because of determinations made by the US Department of Commerce and the US International Trade Commission (ITC), it has been established that lifting the Anti-Dumping Duty (AD) and Countervailing Duty (CVD) orders on Stainless Steel HR Coil flanges from India and China would likely result in a continuation or resurgence of dumping, subsidies subject to countervail, and harm to the US industry. Considering this, Commerce is issuing a notice to extend the AD and CVD orders. On October 24, 2023, the ITC concluded that revoking the AD Orders and CVD Orders on Stainless Steel HR Coil imports would probably lead to a continued or renewed adverse impact on the US industry in the foreseeable future. Consequently, US Customs and Border Protection will persist in collecting AD and CVD cash deposits at the rates applicable at the time of importation for all incoming goods.

Additionally, the inventory of Stainless Steel HR Coil has remained elevated over the past month due to trading conditions, with imports outpacing exports. This rise in Stainless Steel HR Coil imports during September was driven by increased demand for consumer products like cell phones, household goods, and automotive vehicles and their components. The US Commerce Department reported that the expansion of the trade deficit for Stainless Steel HR Coil in September was primarily attributed to a broadening of the merchandise deficit and a reduction in the services surplus. The combined effects of ample supply reduced downstream demand and continued anti-dumping duties on imports from India and China, contributing to a stable pricing trend for Stainless Steel HR Coil in the US spot market.

According to ChemAnalyst, the price of Stainless Steel HR Coil would show a slower growth rate as the upcoming winter weather will slow down the manufacturing activity across the US Spot market. Furthermore, the US Federal Reserve tends to increase the interest rate, inciting the buyers from a domestic market to remain in a wait-and-watch situation.