Prices are slumping in Japan's secondary market for stainless steel sheet after a period of relative stability, as weakening Chinese demand and excess supply fuel a flood of imports from Taiwan and elsewhere.
Stainless steel imports from Taiwan nearly doubled on the year in January to about 4,000 tons, accounting for a quarter of total imports. Imported steel sells for about 260 yen ($2.31) a kilogram, more than 40 yen cheaper than the overall average.
This owes largely to supply gluts elsewhere in Asia. In mainland China, where demand is sluggish, steelmakers have expanded capacity and are exporting aggressively. This has caused rivals in nearby Taiwan and South Korea to lose market share and ramp up exports in turn, creating trade friction with Southeast Asia and Europe. Products blocked from those markets are apparently flowing into Japan, according to Nisshin Steel. The yen's recent appreciation is also playing a role.
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