With stainless steel and nickel futures improving at the Shanghai Futures Exchange, Indonesian company Tsingshan, a major stainless steel producer, raised the list prices for hot-rolled and cold-rolled 304 stainless steel products by around CNY 100 (USD 14) per ton on August 1st. This price increase is expected to provide support to upstream factory prices in the Taiwanese stainless steel market.
The likelihood of a US interest rate cut and a weakening US dollar have caused international nickel prices to rebound, climbing back above the USD 16,000 mark. This rise has positively influenced market sentiment within China's stainless steel sector. Market analysts predict that the stainless steel market will maintain its strength in the near term, though it is anticipated that spot market purchases will largely be driven by immediate needs rather than long-term stockpiling.
Tsingshan's decision to raise prices comes amid market optimism and a favorable global environment. The company's move is seen as a strategic move to capitalize on the current market conditions. Moreover, the rebound in nickel prices, a key component in stainless steel production, points to a potentially strong market performance in the coming months.
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