According to statistics, the US’ stainless steel imports rose by more than 38% in January compared to the previous month, due to rising prices in the US. Imports of both stainless steel cold-rolled coils and hot-rolled coils increased as the low-priced imports were more attractive than the domestic offers.

Market participants said that it was expected that the supply of light gauges and ferritic stainless steel will be short, especially in the second quarter of this year.

In addition, the US stainless steel producers have published their alloy surcharges for March. Due to the surged price of raw materials such as molybdenum and chromium, the price of stainless steel cold-rolled coils was predicted to be increased by steel mills. However, most market participants expected that the upward prices will not continue after the first quarter due to economic pressure brought by US rate hikes.