China’s stainless steel futures keep increasing on Jul 3
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Update time : 2024-07-04 17:06:32
On July 3, stainless steel futures on the Shanghai Futures Exchange closed at CNY14,190/ton, an increase of CNY55/ton, which has strengthened for seven consecutive days.
In recent market analysis, China’s stainless steel futures have shown a stronger rebound compared to nickel prices. While spot quotations have held steady, traders have actively raised prices, leading to more optimistic market sentiment. However, downstream buyers continued to purchase on demand, so transaction volumes were still mild.
Market observers noted that fundamentally, there is currently no nickel ore approval process in Indonesia. The ferronickel prices started to rebound, bolstered by support for raw materials. On a broader scale, the weakening US employment data has heightened expectations of Federal Reserve interest rate cuts. Analysts anticipate continued upward movement in stainless steel, albeit with limited potential for significant gains.
