Chinese stainless steel spot market prices up - Yunnan Stainless Steel Co.,Ltd

by Gerber Group | Jul 29, 2024

29 July 2024 – Spot market prices for Chinese stainless steel, especially for hot-rolled coil, rose on Monday. But stainless steel scrap is also showing rising prices. Asian stock exchanges, above all the Japanese Nikkei 225, are jumping upwards. And a large New Caledonian nickel plant is being mothballed.

Spot prices for hot-rolled Chinese stainless steel coils rose slightly by around 0.3% at the start of the week. Stainless steel scrap prices even rose by around 1.0%. Nickel futures on the SHFE were also up today with a rise of up to 0.7% and spot market prices for nickel rose by around 0.61%.

With an eye on the coming week and a focus on possible interest rate decisions by the US Federal Reserve, Asian stock markets jumped significantly today. The Nikkei 225 is up by more than 2% and the Hang Seng by over 1.6%. Other Asian stock markets are also performing well.

It is considered unlikely that the Fed will adjust interest rates as early as this week. However, after various encouraging comments from Fed officials recently, the markets are expecting an outlook for the start of interest rate cuts.

The nickel plant of Koniambo Nickel SAS (KNS) in New Caledonia, which has already had to be rescued several times and has now accumulated debts of more than 13 billion euros, began to lay off almost 1,200 employees last week. However, the search for a possible buyer continues, according to the company.

The New Caledonian nickel industry has been in a serious crisis for years. Mismanagement in particular has repeatedly caused problems for the three large nickel companies on the island group, which belongs to France.