5 July 2024 – Stainless steel futures on Asia’s SHFE have risen for the second week in a row. And iron ore prices on the DCE have risen by more than 4.5% this week.
SHFE stainless steel futures up for second week in a row
After a slight correction at the beginning of June, stainless steel futures on the SHFE have now regained considerable ground and have risen for the second week in a row. Overall, stainless steel futures thus recorded a gain of just under 2%.
Stronger demand for 304 cold-rolled and hot-rolled
According to market reports, this is due in particular to stronger demand for 304 cold-rolled and hot-rolled in China in recent weeks. Spot transactions in the stainless steel sector in particular have remained stable and market sentiment shows potential for a further increase in demand, according to analysts.
Iron ore prices up in China
Iron ore prices on the Asian Dalian Commodity Exchange (DCE) have risen by more than 4.5% in some cases compared to the previous week. This is related to larger purchases by Chinese steel manufacturers, who had to replenish their empty stocks and the prospect of further stimulus programs by the Chinese government.
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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.
