China Stainless Steel Industry News Update for January 4: Far East-Mediterranean Rates Double

China Stainless Steel-1

I. Futures Market

Stainless Steel Futures Contract 2402: Today’s session saw a decline of about $6, indicating that futures prices are relatively lower than spot prices.

II. Market Dynamics

1. Foshan Market:

304 Cold Rolled: Initially maintained high quotations, later decreased following a downturn in the market.
304 Hot Rolled: Some prices remained stable, while others offered slight discounts.

2. Wuxi Market:

304 Cold Rolled: Mainstream quotations experienced a slight increase, with a stable market atmosphere.
304 Hot Rolled: Prices remained stable.

III. Shipping Related

Since mid-December, freight rates from the Far East to the Mediterranean have almost doubled, and the trend of increasing freight costs is expected to continue.

IV. Raw Materials

1. Jinchuan Group’s Shanghai electrolytic nickel quote decreased by 3,500 RMB/ton.

2. GEM Co., Ltd.: The second phase of the nickel resource project has fully entered the construction phase, with production expected to commence next year.

#StainlessSteelNews #MarketDynamics #FuturesMarket #RawMaterials #ShippingTrends #ChinaSteelMarket #304Stainless #ElectrolyticNickel #GlobalTrade #FreightRates #IndustryUpdate

Post time: Jan-05-2024

Please fill out partner information