2 February 2024 – Sentiment in the Italian market, especially in industry, services and trade, has brightened significantly and is at its highest level since April 2023. And Chinese steel manufacturers are already raising prices for March. And in the Chinese spot market for stainless steel, hot-rolled sheets, coils and plates are becoming scarce.
Sentiment in the Italian economy is much more positive
According to reports from Italian market participants, the economy there picked up significantly in January 2024, especially in terms of the order situation. Increased incoming orders, more deliveries and improved sentiment indicate that the Banca d’Italia’s growth forecasts for 2024 could come true, following a relatively stable end to 2023 for the Italian economy.
Business sentiment at its highest level since April 2023
FocusEconomics reports the highest level of economic sentiment in Italy for January 2024 since April 2023 and an increase of almost four points compared to December. According to FocusEconomics, sentiment has improved significantly in Italian industry, services and trade in particular.
Chinese steel makers raise prices
According to media reports, China’s largest steel manufacturer has already raised its prices for March 2024. According to analysts, the price increases that have now taken place are largely due to the already well-filled order books for the period after Chinese New Year (CNY).
Increased stainless steel consumption in China before CNY
There are also reports from the Chinese stainless steel market that consumption of stainless steel in the downstream industry had already picked up before the CNY celebrations and that demand is already higher than in previous years. Certain stainless steel products are already scarce on the spot market in particular, including hot-rolled sheet, coil and plate.
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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.
