China’s stainless steel market turns bullish on Beijing’s new real estate policy

Beijing voiced new incentives for the real estate sector, which led to an immediate and explosive rise in stainless steel market prices. Expectations also shifted sharply to the positive.

On Monday, September 30, the last working day before the week-long holidays in China, stainless steel cold-rolled coil prices unexpectedly jumped by around RMB 400-500/t (USD 55-68/t) over the weekends. The actual offers for 304 2B material reached RMB 13,700-14,000/t (USD 1,880-1,920). Meanwhile, official mills’ offers were even higher, although they were seen as nominal. The above prices are primarily for materials produced by Yongjin, Delong, and Hongwang and include 13% VAT. Continue Reading? Please click box below!