21 September 2023 – The US Federal Reserve yesterday (Wednesday) raised its growth forecast for the US economy to 2.1% this year and also expects growth of at least 1.5% in 2024. A major Chinese stainless steel mill is down for several weeks due to a change in production and concurrent maintenance in Q4.
FED: US with 2.1% economic growth in 2023
The US Federal Reserve (FED) yesterday (Wednesday) raised its growth forecast for the US economy to 2.1% this year and also expects growth of at least 1.5% in 2024. Even though the monetary guardians have reserved a further possible interest rate step for 2023, interest rates remain stable for the time being and the outlook for 2024 of probably only two more interest rate cuts also brings more planning security for companies.
Large Chinese stainless steel mill down for several weeks
A major Chinese stainless steel mill is down for several weeks due to a change in production and concurrent maintenance work in Q4. More than 100,000 MT of stainless steel production are affected, according to Chinese media. The plant in the autonomous region of Guangxi in southern China will be fully electrified, according to the company.
Stainless steel spot market prices stable
Unimpressed by the current nickel price movements, Chinese spot market prices for stainless steel have moved stably sideways as of this morning.
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