The stainless steel market in China has started to recover. The price of 304 cold rolled coil in China increased to 15,000 Yuan/ton. At the same time, the international nickel price also increased, and the stainless steel market stopped the decrease and stabilized.
According to information from market representatives, due to continued weak demand, buyers are still holding a wait-and-see stance against the reversal and strong increase of the stainless steel market in China. Therefore, the buying momentum did not increase, the trade volume did not increase significantly, and the lack of momentum caused the market not to increase with the strong increase in China.
Market representatives believe that the strong increase in China will not reverse the market. However, it can be considered as a recovery after a deep decrease. Therefore, it is not yet clear whether the stainless steel market will increase at the same time. It is expected to be observed depending on the trend of nickel prices.
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