17 January 2023 – The Chinese stainless steel market reports suspended deliveries by mills and expects further significant price increases after the Chinese New Year. Further increase in EU stainless steel alloy surcharges very likely, but price increases in Europe already noticeable. Demand and delivery times for steel are already picking up.
Chinese stainless steel mills suspend deliveries
According to market sources, Chinese stainless steel producers have currently suspended deliveries, as many plants are already on Chinese New Year (CNY) holiday. The mills had already cut back deliveries last week. At the same time, trends currently indicate that stainless steel prices are likely to continue to rise significantly due to the positive outlook and the expected high demand after the Lunar New Year holidays.
Already, no more offers are expected from Chinese stainless steel mills, as producers there want to take advantage of the price increases after the CNY.
EU stainless steel prices continue to rise
According to current estimates, it is highly likely that the prices of European stainless steel mills will continue to rise in February 2023. The producers are already selling at an increased level. Fundamental data also points to the possibility of further price increases, e.g. in alloy surcharges.
Steel prices pick up across the board
Overall, price increases in steel products are being reported across the board in Europe. Not only for hot-rolled coil, but also for plates, bars, beams, rebars and scrap. In addition, longer delivery times are reported from Europe.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.