Asian Market Divergence: South Korea Slumps While Taiwan and India Rebound Sharply

According to the latest data from Mysteel, global 304-grade stainless steel prices showed regional divergence in the first week of May 2025. South Korea posted the steepest drop, with CRC prices down by $190/ton, while Taiwan and India saw significant rebounds, rising by $115/ton and $55/ton respectively.

• CRC: 13,050 Yuan/t ≈ $1,803/t
  
  

• HRC: 12,500 Yuan/t ≈ $1,727/t
  
  

• Scrap: 9,600 Yuan/t ≈ $1,327/t

Prices remained stable overall. However, the rise in scrap prices by 100 Yuan indicates stronger procurement demand in the raw materials market.

• Taiwan: CRC rose to $2,080/t and HRC to $1,955/t, up by $115 and $106 respectively.
  
  

• South Korea: Mainstream CRC dropped to $2,200/t (▼$190), and alternative (GS) CRC to $2,030/t (▼$95), reflecting export pressure.
  
  

• Vietnam: CRC down $25 to $1,700/t; HRC down $9 to $1,670/t.
  
  

• Үндістан: CRC climbed $55 to $2,015/t, making it one of the strongest performers.

• Europe: CRC firm at €2,680/t (▲€30); scrap up €20 to €1,310/t.
  
  

• North America: CRC steady at $2,900/t; scrap stable at $1,310/t.
  
  

• South America: CRC at $2,343/t; HRC at $1,834/t.
  
  

• Russia: CRC at RUB 275,280/t; HRC at RUB 268,060/t.

Asian markets saw notable contrast: Taiwan and India showed strength on improved domestic sentiment, while South Korea experienced significant decline due to sluggish exports and high inventories. China remained stable, but the rise in scrap price suggests solid raw material demand. Western markets held firm, with buyers seemingly accepting current levels.

Note: 
The prices listed above pertain to 304-grade stainless steel CRC, HRC, or scrap. In China, stainless steel benchmarks are based on Hongwang's 304 CRC and Tsingshan's 304 HRC, which reflect the spot prices in Wuxi, East China. For India, the pricing formula is: import price = local price x 1.085 (8.5% tariff) + 50 (clearance fee).

All Chinese prices were converted to USD using the exchange rate of 1 USD = 7.2350 CNY, as of May 6, 2025 (source: SAFE China).

The price data is sourced from:

• https://www.mysteel.net