12 April 2023 – Chinese spot market prices for stainless steel rose significantly today – some grades went up by more than 4%. Nickel prices on the SHFE also went up by about 3%. Market sources expect further price increases.
Chinese spot market prices for stainless steel rose today, Wednesday, in some cases significantly. For 304 coil, the average price went up by more than 4%. For 316 coil by up to 1.5% and for 201 by more than 1%. Stainless steel scrap also saw a price increase of up to 3% depending on the grade.
According to information from market sources in China, demand for stainless steel had picked up again recently. It is also currently assumed that prices will continue to rise.

SHFE Nickel Futures Rise

The futures for nickel on the SHFE have increased by up to 3% today. Yesterday, nickel on the LME had already risen by about 2.5%.
Asian stainless steel market gains further momentum
13 April 2023 After the Chinese stainless steel market had already gained activity, other Asian regions, especially Taiwan, are now also increasing prices for stainless steel. This is likely to hit North America and Europe soon. And India extends countervailing measure against Chinese stainless steel exports.

Stainless steel: Countervailing measure against China extended
The Indian Department of Commerce and the Directorate General Of Trade Remedies have extended the countervailing measure against cold and hot rolled stainless steel products originating in China and set the countervailing duties at 18.95%. The Countervailing Review, which was un extended at the behest of major Indian producers, is expected to further support Indian prices and probably push them up.

A rise in Chinese spot market prices, as well as in SHFE stainless futures, has already been observed for several days. The nickel values in Europe and Asia had also risen again.
New prices soon in North America and the EU?
Other Asian, but especially Taiwanese market participants, also reported rising prices today. The new prices should thus soon also reach the regions of North America and the European Union.