European stainless steel demand continues to pick up
European stainless steel demand continues to pick up

19 January 2023 – The European stainless steel demand has increased significantly after the turn of the year. Further price increases are to be expected here. And Chinese provinces are signalling clear growth targets for 2023, partly with reference to “under any circumstances”.

European stainless steel demand continues to pick up

European demand for flat-rolled stainless steel continues to pick up. Demand is particularly good in the downstream industries, according to recent reports. Demand from service centres and distributors has increased significantly after the Christmas break. Market voices speak of significantly more enquiries and an uplifting mood in the market.

Majority of stainless steel price increases expected

The raw material costs and the prices currently communicated by the EU stainless steel producers point to further increases in alloy surcharges for February. Although the majority of price increases were forecast from Asia for the end of January, there have been no changes at present. Those who still have a hot line to Asia may still be able to grab a bargain or two, despite the Lunar New Year celebrations that begin today.

Raw material costs continue to rise

Prices for SHFE nickel have already gone out of trading today with a plus of a good 4.63%. Nickel on the LME had already risen by more than 2% shortly after the start of trading today. Other commodities, such as scrap and molybdenum, have also made further gains compared to December 2022 and January 2023. In particular, molybdenum and molybdenum products, have made a whopping price jump of over 30% upwards.

Beware of misleading reports

At present, we can only warn against being deceived by deliberately misleading reports in the supposed industry media, which have obviously been spread in order to have a negative impact on the market.

Our tip: Never rely on just one source to make important decisions.

Boosting domestic demand: Chinese provinces announce measures

The majority of Chinese provinces that fell short of their 2022 targets have set economic growth of 4 to 9.5% for 2023. Some with the emphatic addition of “under any circumstances”. This suggests that domestic demand will be given a significant boost with the help of government incentives.

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