US Stainless-steel CR Coil Prices Remain Plunge Amid Weak Downstream Market Purchases
The decline in feedstock Nickel prices has significantly contributed to the sharp decrease in Stainless-Steel CR Coil prices in the United States. Prominent mining companies like Wyloo Metals Pty Ltd. are shutting down nickel mines due to factors causing financial losses, thereby impacting production and usage. Additionally, market challenges have led companies such as the BHP Group and First Quantum Minerals Ltd. to suspend projects or reduce employment, influenced by the downturn in nickel prices. This is attributed to weakened demand for electric vehicles and an influx of nickel supply from Indonesia. Prony Resources, a nickel producer in New Caledonia, is also experiencing a downturn, affecting Stainless-steel CR Coil prices in the USA. In response to the declining trend, the Australian Mining Association has advocated for a new production tax credit during discussions with senior ministers. They propose a 10% production tax credit (PTC) for downstream producers to safeguard jobs and uphold the country’s aspirations of becoming a critical minerals powerhouse. These developments have impacted the Stainless-Steel CR Coil prices, prompting buyers to scale back orders amid uncertainties and a pessimistic outlook in the feedstock market.