Rising Steel Demand: Asian Markets on Fire | Industry New

 

Asia's Steel Market Soars as Chinese New Year Approaches

As we approach the Chinese New Year celebrations, the Asian steel market is witnessing a surge in demand, leading to a remarkable increase in prices. Both steel and stainless steel are experiencing heightened demand, causing stocks to dwindle and prices to escalate. The industry is buzzing with activity, presenting a lively scenario.

Stainless Steel: High Demand and Price Surge The demand for stainless steel is robust, resulting in stable to increasing prices and a decline in available stocks. Some manufacturers are already at full capacity, with no further orders being accepted for January. Time is of the essence for those looking to make purchases.

Aluminum Scrap: China's Increasing Imports China is experiencing a surge in imports of aluminum scrap, marking a substantial 15% year-on-year increase from January to November 2023. In November alone, imports skyrocketed by an impressive 40% compared to the previous year.

Aluminum Scrap Shortages in Asia The demand for aluminum scrap in China has led to a buying frenzy, but the scarce availability is creating shortages in the Asian market. This imbalance between high demand and limited supply is driving prices higher and intensifying market sentiment.

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