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Stainless steel futures become strong on Jul 15
On July 15, stainless steel futures on the Shanghai Futures Exchange closed at CNY13,925/ton, an increase of CNY50/ton. Meanwhile, the spot market remained stable.
Market participants noted that the strong likelihood of an interest rate cut in the US in September, along with expectations of potential rate cuts in China following the Third Plenary Session of the Central Committee of the Chinese Communist Party, led to a rise in China’s stainless steel futures yesterday.
However, even though steel mills kept the price list unchanged and some preferential prices were canceled, the market sentiment still improved. Currently, cold-rolled product transaction volumes have remained relatively low. Therefore, the overall market will remain stable.
Market participants noted that the strong likelihood of an interest rate cut in the US in September, along with expectations of potential rate cuts in China following the Third Plenary Session of the Central Committee of the Chinese Communist Party, led to a rise in China’s stainless steel futures yesterday.
However, even though steel mills kept the price list unchanged and some preferential prices were canceled, the market sentiment still improved. Currently, cold-rolled product transaction volumes have remained relatively low. Therefore, the overall market will remain stable.
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