20 July 2023 – After SHFE adjusted margin ratios and stop limits for rebar, wire rod, hot rolled coil and stainless steel, among others, last week, Asian commodity prices continue to rise today. HRC prices increased, demand continues to rise?
Raw material prices on the Asian SHFE rose again today in many areas. This continues the positive trend, helped in part by a weaker dollar and a reviving sentiment in the market. Asian nickel futures are up about 3% today, with LME nickel up about 2.3% this morning. Polished Stainless Steel Pipe
But silicone (+1.1%), iron ore (+1.7%) and HRC (+1.4%) also continue their rise. However, stainless steel (+2.8%), coke (+2.4%) and coking coal (+4.0%) are up particularly sharply.
Last week, SHFE had already adjusted the margin ratios and stop limits for rebar, wire rod, hot rolled coil and stainless steel downwards. Presumably in anticipation of a significant increase in trading due to rising demand.
After stabilising HRC prices were already reported from several regions, there are now also reports from Taiwan that steel prices there have been increased. At the same time, the European Union is reporting rising imports and filling Safeguard quotas, including for HRC. This indicates a growing demand situation.
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