Stainless steel and scrap prices continue to rise

  

[caption id="attachment_3919" align="alignright" width="300"]Smooth surface stainless steel plate Smooth surface stainless steel plate[/caption]

Stainless steel and scrap prices continue to rise

27 February 2024 – Prices for cold-rolled Stainless steel and scrap continued to rise on the Chinese spot market today. Rally in stainless steel scrap: Prices up more than 5% in just a few days.

Stainless steel prices in Asia continue to rise

Prices for Chinese stainless steel rose again today. In the spot market, grade 304 rose by around 1.4%. This means that 304 has already increased in price by more than 3.4% since 21 February. However, other grades, such as 316L, have also increased in price by more than 1%.

Rally for stainless steel prices continues

Stainless steel prices in China are also continuing to rise and today recorded a further increase of just under 2%. This means that scrap prices have risen by more than 5% in just a few days.

Chinese market as a catalyst

A key driver of this increase was the encouraging data surrounding the Chinese New Year, which is comparable to Christmas business in the West in terms of its significance for the retail sector. The revival of consumption in China was particularly noticeable, illustrated by a 60 per cent increase in sales of consumer goods in the tourist-friendly province of Hainan compared to the previous year.

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Reprinted From Stainless Espresso

[caption id="attachment_4180" align="aligncenter" width="799"]Teda Metal Stainless steel plate warehouse Teda Metal Stainless steel plate warehouse[/caption]

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