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China stainless steel hits nine-month high as domestic demand recovers

Reuters - Chinese stainless steel futures surged on Monday, hitting their highest level in over nine months as domestic demand continued to pick up after coronavirus-related shutdowns.

The most-traded stainless steel futures contract on the Shanghai Futures Exchange, for June delivery, rose as much as 4.4% before ending the session 4.0% higher at 13,675 yuan ($1,931.55) a tonne, the highest since August 1.

“The purchasing demand at downstream sectors (for stainless steel) has been good,” said Fu Zhiwen, an analyst with Huatai Futures.

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