China's stainless steel futures market saw a modest rise last week, with the primary contract rebounding to over CNY 13,800 (534 USD) per ton. Meanwhile, the spot market remained relatively stable.
This slight uptick in futures was mainly attributed to growing expectations of a possible U.S. interest rate cut in September, driven by positive macroeconomic indicators. However, this optimistic outlook had a limited impact on the spot market.
Despite ongoing challenges from high raw material costs, the stainless steel market continues to struggle with oversupply. While some steel mills have adjusted production levels, no significant plans have been made for production cuts. In contrast, there is optimism about seasonal demand growth. Market analysts predict that the market may experience short-term fluctuations due to these factors.
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