China Stainless Steel Market Brief, January 24, 2024 Despite Slow Sales, Prices Still Rising

Market Overview: The price of 304 stainless steel remains strong. Despite average overall transactions, market prices continue to rise.

Raw Material Prices: Key materials like ferronickel and ferrochrome maintain stable prices, while electrolytic nickel experiences a slight increase.

Economic Expectations: Recent economic meetings and positive news have driven up both the financial and spot markets.

Year-End Impact: As the Chinese New Year approaches, some merchants have opted for an early holiday, leading the market into a gradual vacation mode.

Futures Market: Stainless steel futures continue to climb, spurred by year-end production cut announcements from steel mills.

Focus Points: International clients should pay attention to steel mill production and order statuses, as well as the potential market demand recovery post-Chinese New Year.

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