China's stainless steel futures experience modest trend last week, predicting volatility in short term
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Update time : 2024-09-03 16:27:40
China's stainless steel futures market experienced a modest uptick last week, with the main contract climbing back above CNY13,800 per ton. In contrast, the spot market saw minimal changes during the same period.
According to market participants, the slight rebound in stainless steel futures was largely driven by expectations of a potential U.S. interest rate cut in September, fueled by positive macroeconomic signals. However, this optimism had limited influence on the spot market.
Despite the high raw material prices, the stainless steel market continued to face an oversupply. Although steel mills made some adjustments to their production levels, there were no significant plans for production cuts. On the contrary, social inventories recently saw a slight reduction, and there was some anticipation for a seasonal demand increase. As a result, market analysts predicted a period of volatility in the short term.
