📰 Market Insights: Stainless Steel Prices and Industry Developments
Americ Energy (CHINA) Co., Ltd., your trusted partner for stainless steel products, brings you the latest market updates and insights.
📈 Stainless Steel Futures and Current Market Trends
The recent cooldown in U.S. inflation has had a positive impact on the London Metal Exchange (LME) nickel prices, which rose by $243 per ton to close at $18,061 per ton on June 12, 2024. This uptick in nickel prices, driven by a weaker dollar and expectations of interest rate cuts, comes despite the continued sluggish demand in the nickel market.
Conversely, the stainless steel futures for contract 2409 dropped by 160 yuan, with a current spot-futures price difference of 130 yuan. This market fluctuation reflects the dynamic nature of the stainless steel industry, which is subject to various economic indicators and global events.
🏭 Industry Highlights and Corporate Achievements
Notable developments in the stainless steel industry include the Qingtuo Group's high-performance stainless steel wide plate and supporting project, with an estimated annual output value of over 40 billion yuan upon completion. This project exemplifies the strategic expansion and innovation within the stainless steel sector.
Furthermore, the Zhejiang Haoyou Shipbuilding secured orders for 2+2 13,800-ton duplex stainless steel chemical tankers, marking a significant milestone in the shipbuilding industry.
📊 Regional Market Dynamics
In the Foshan market, the 304 cold and hot-rolled stainless steel prices have been influenced by a market downturn, with cold-rolled prices dropping by 50-100 yuan. Despite this, the spot prices for 304 stainless steel have remained above the 13,500 yuan mark.
The Wuxi market has seen a slight decrease in the 304 private cold-rolled mainstream base price, while the hot-rolled prices have remained stable.
🌐 Global Impacts and Adjustments
Internationally, the nickel industry in New Caledonia is facing a standstill due to ongoing unrest, affecting the global supply chain. Meanwhile, Glencore's support for the Indonesian nickel miner Ceria Nugraha ahead of its IPO indicates a positive outlook for the battery metal industry.
📉 Raw Material Prices and Adjustments
Raw material prices for stainless steel, such as the 304 and 316 scrap, have seen minor adjustments, with the 316 scrap experiencing a slight decrease of 100 yuan compared to the previous period.