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Futures Fluctuate, Spot Market Stays Firm Amid Weak Demand - 2023 Week 1 China Stainless Steel Industry Summary and Outlook (Jan 1-7)

Views: 189 Author: Site Editor Publish Time: Origin: Site

China Stainless Steel Industry News Update for January 4: Far East-Mediterranean Rates Double

I. Stainless Steel Market Overview This Week:

Futures prices showed a downward trend with volatility, while spot prices remained relatively firm.
Downstream demand was weak, leading to a cautious market atmosphere. Traders and downstream players had expectations for pre-Spring Festival stockpiling, but overall transactions were moderate due to the off-season impact.


1. Inventory:

Influenced by pre-festival stocking, inventory levels significantly dropped, easing the pressure on spot resources.

2. Raw Material Prices:

Slight increase this week, with steel mills operating at marginal profits.

3. Market Outlook:

The market will closely monitor stockpiling activities of traders and downstream sectors, anticipating volatile stainless steel prices.

4. Uncertainty Risks:

Geopolitical situations, Federal Reserve policies, and the domestic economic recovery in China.


II. Shipping Related


Due to the Red Sea crisis forcing several shipping companies to reroute, global shipping capacity declined, leading to a continuous rise in spot freight rates for container transportation between Asia, Europe, and the USA.

According to Freightos, a freight booking and payment platform, the spot freight cost for a 40-foot container from Asia to Northern Europe has surged past $4000, marking a 173% increase since the escalation of the Red Sea crisis in mid-December. A substantial rise in freight rates during this period has become inevitable.



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