Chinese-stainless-steel-prices-increase-significantly-from-chinese-new-year-2023

4 Feb 2023– Chinese steel and stainless steel prices are currently rising significantly again. Spot prices in China have risen between 3 and 4% from Chinew lunar holiday. Base metals continue to rise due to strong demand, tight inventories and the conflict in Ukraine. And is India circumventing the global sanctions against Russia A commentary. also such increase infected carbon steel price, previously offered quotation will be updated. for carbon steel price trends in china please refer to http://www.sunsirs.com/uk/prodetail-257.html

Chinese steel and stainless steel prices rise sharply

Chinese steel mills have raised prices for CRC and HDG by up to 3% in some cases. Higher raw material costs and bullish demand have contributed to the price hikes.

Stainless steel: Spot prices in China up by up to 4%

Spot prices for Chinese stainless steel have risen in recent days and shot up by up to 4% on Friday. Again, a significant increase in demand and very tight stocks of raw materials, such as nickel, are being cited as reasons.

LME Base Metals continue to rise

Nickel and aluminium continued their strong rise on the LME today. Nickel opened just short of $30,000 per tonne at the start of trading. Aluminium also opened just below $3,900 per tonne, moving closer and closer to our forecast of $4,000. But copper (+2.1%) and zinc (+2.84%) also continue to make significant gains.

SHFE nickel up 3.5%

On the SHFE, nickel had also already risen by more than 3.5% in some cases today. The market could soon go even higher for aluminium if more and more cables are made of aluminium to replace copper, which is currently very expensive. Demand for aluminium from the Chinese renewable energy sector has probably already increased significantly.