Steel and stainless steel prices were unimpressed by the current movements in base metals. In the Gulf region, demand is picking up as stainless steel stocks dry up. And aluminum futures show only marginally attention to Chinese announcement.
Base metals price movements without impact on steel prices
After base metals on the LME fell by up to 5% on Tuesday, June 15, 2021, steel and stainless steel futures showed resilience and stability.
Spot prices remain stable
Spot prices for Chinese steel and stainless steel are also stable. For stainless steel in particular, they tend to be up to 1.24%.
Gulf region: Stainless steel consumers with low stocks
Flat steel imports to the Gulf region are picking up with moderate demand. Market sources report that the main reason for this is that most steel and stainless steel consumers in the region have now reached very low inventory levels and urgently need to restock.
Aluminum futures up last week
SHFE aluminium rebounded last week, with the most-traded contract starting the week at 18,455 yuan/mt before rising significantly on Thursday night and Friday. The market became bullish after rumors of an SRB sell-off could not be officially confirmed.
China to auction off national non-ferrous reserves
Today, June 16, 2021, China’s National Food and Strategic Reserves Administration announced it will auction copper, aluminum, zinc and other national non-ferrous metal reserves in batches in the near future.
Aluminum futures only marginally impressed
Currently, aluminum futures on SHFE and LME are only marginally impressed with the Chinese government’s announcement.
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