28 August 2023 – Stainless steel prices rose again last week. And SHFE Nickel had also ended last week with a positive trend. Real estate group Evergrande is back on the stock market after the group halved its losses and was able to capitalize on rising demand for real estate in China. And in Europe, the summer vacations are over.
Stainless steel prices up last week
Stainless steel prices in Asia rose last week and greeted today’s start to the week with a sideways movement. Stainless steel futures on SHFE have also seen positive movement over the past three months.
SHFE Nickel with sideways movement
Nickel contracts on SHFE also moved sideways at the start of the week, although marginal profit taking was observed. Overall, however, the nickel traded on the SHFE has also developed positively in the last three months and has risen by 7% in price. Asian spot market prices for nickel are maintaining their high level at around $24,000 per ton, despite volatile movements.
Real estate group Evergrande back on the stock market
The shares of Chinese real estate giant Evergrande, which were suspended from trading, started trading again on the Hong Kong stock exchange this week.Although there was an expected correction in the share price, the group still managed to almost halve its losses in the first 6 months of 2023, taking advantage of the picking up real estate business in China for its own purposes.
EU vacation season 2023 is over
The vacation season in the European Union is over, closing the supposed hole in the calendar. Welcome back and good business, and don’t forget to visit us in September at Stainless Steel World in Maastricht, The Netherlands at booth D50. Best book your appointment now: Book here >>>
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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.