13 April 2023 After the Chinese stainless steel market had already gained activity, other Asian regions, especially Taiwan, are now also increasing prices for stainless steel. This is likely to hit North America and Europe soon. US reporting season gives hope for dynamically growing profits. And India extends countervailing measure against Chinese stainless steel exports.
US reporting season: dynamically growing profits
According to analysts, the current reporting season in the United States is expected to lead to dynamic growth in profits for cyclical consumer goods, industrials and oil and gas stocks, among others. Even though there are some challenges to overcome in the US economy, the Consumer Price Index (CPI) recently developed more positively than had been expected, which provided a boost for large parts of the commodity complex.
Stainless steel: Countervailing measure against China extended
The Indian Department of Commerce and the Directorate General Of Trade Remedies have extended the countervailing measure against cold and hot rolled stainless steel products originating in China and set the countervailing duties at 18.95%. The Countervailing Review, which was un extended at the behest of major Indian producers, is expected to further support Indian prices and probably push them up.
Asian stainless market gains further momentum
A rise in Chinese spot market prices, as well as in SHFE stainless futures, has already been observed for several days. The nickel values in Europe and Asia had also risen again.
New prices soon in North America and the EU?
Other Asian, but especially Taiwanese market participants, also reported rising prices today. The new prices should thus soon also reach the regions of North America and the European Union.
- Chinese stainless steel prices rise significantly
- Germany: Automotive sector picks up speed
- Global supply crunch for metals around the corner?
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