The steel market situation was poor, the magnesium market situation was loose, the ferrosilicon quotation declined slightly again this week.

Worldstainless expects global consumption of stainless steel to be at 0.0% in 2023 and at 3.6% in 2024. Only minor changes in global meltshop production by main grade in 2022 recorded.

Market participants say this would be feasible for the province because it is rich in coal and iron ore resources.

These factors should lead to soaring steel demand in Q3 and Q4, Tuan said.

Global long steel demand outlook weak in 2023.

HBIS Group's tender price for ferrosilicon 72# was 7580 CNY/T in May, a decrease of 300 CNY/T compared to the previous month.

The nickel market is facing a massive supply glut this year as surging Indonesian production continues to outpace global demand.

All these factors will support a surge in steel consumption in the third and fourth quarters of this year, the VSA added.