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Stainless Espresso: Chinese credit demand rises significantly
Stainless Espresso: Chinese credit demand rises significantly

11 February 2022 – According to data from the Chinese central bank, demand for credit has risen significantly. This is an important leading indicator of economic growth and rising demand among companies and consumers. Steel prices are currently rising worldwide, especially in China and India. And well-known US stainless steel producers continue to limit the availability of certain products.

Chinese credit demand rises significantly

Data released yesterday by China’s central bank point to a strong pick-up in the credit impulse – a key leading indicator of economic growth – to 1.2 per cent of GDP in January 2022. The interest rate cuts and liquidity easing of the past two months led to increased bond issuance by private and government issuers and stimulated corporate and household credit demand.

Further growth impulses expected from real estate sector

The increase in residential mortgage loans is not yet as strong, but analysts believe this is due to the traditional Chinese New Year. However, measures to stimulate real estate demand in combination with monetary policy support should contribute to a further stabilisation of the important real estate sector and also further stimulate sentiment on the Chinese capital markets.

Steel prices continue to rise worldwide

Global steel prices continue to rise. Price increases are being reported from India and China in particular, especially for HRC. The Chinese steel giant Baosteel, for example, has just adjusted its prices upwards for March. But also in the Chinese stainless steel spot market, prices for some grades went up again today by more than 5%.

US stainless steel producers limit allocation

From the United States it is reported that well-known US stainless steel producers continue to strictly allocate their production – not only by customer, but also by grade and size.

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