SHFE Stainless Steel Futures Rise for Second Week

July 5, 2024

SHFE Stainless Steel Futures Increase

Stainless steel futures on Asia’s SHFE have risen for the second consecutive week. Following a slight correction in early June, SHFE stainless steel futures have rebounded significantly, posting a gain of nearly 2%.

Increased Demand for 304 Cold-Rolled and Hot-Rolled Steel

Market reports attribute this rise to stronger demand for 304 cold-rolled and hot-rolled steel in China. Spot transactions in the stainless steel sector have remained stable, with analysts predicting further demand growth.

Iron Ore Prices Climb in China

Iron ore prices on the Dalian Commodity Exchange (DCE) have surged by over 4.5% this week. This increase is driven by larger purchases from Chinese steel manufacturers replenishing their depleted stocks and anticipating further government stimulus programs.