Vibrant Market, Prices Rise
Yesterday, the Chinese stainless steel market was abuzz, with steel mill prices going up and a vibrant market atmosphere. The main contract of Shanghai Nickel and the main contract of stainless steel futures at SHFE both saw an increase, breaching the 14,000 RMB/MT mark again.
Steel mills like Tsingshan and Delong raised their prices for both 201 and 304 stainless steel products. Market prices followed suit, with 201 and 304 stainless steel generally increasing, and some futures resources seeing even larger hikes.
In terms of specific products, the prices for mainstream 304 stainless steel, including narrow strips and private five-foot hot-rolled coils, also rose. Similarly, 201 stainless steel prices showed an upward trend.
This wave of price increases was initially triggered by 201 stainless steel. As a result, the previously calm stainless steel market turned “hot” yesterday, with continuously escalating prices and reduced discounts. According to feedback from merchants, transactions were mainly driven by immediate demand.
In summary, the Chinese stainless steel market demonstrated robust activity yesterday, with a rising price trend becoming the main narrative.
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Post time: Jan-18-2024
