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In this Stainless Espresso Stainless steel prices in Asia continue to rise Rally for stainless steel scrap prices continues Boom in luxury stocks: European market on the upswing Chinese market as a catalyst Sustained upturn possible Stainless steel prices in Asia continue to rise

The latest developments in the Asian stainless steel market indicate continued price increases, particularly for Chinese stainless steel grades like 304 and 316L. Grade 304 saw a rise of around 1.4%, marking an overall increase of more than 3.4% since February 21st. Additionally, other grades such as 316L have also experienced price hikes of more than 1%.

Moreover, stainless steel scrap prices in China are following a similar upward trajectory, with a recorded increase of just under 2% today, translating to a more than 5% increase in just a few days.

In parallel, there has been a notable boom in European luxury stocks since mid-January, with a significant increase of around 25% and an annual performance improvement to a plus of 13%. This surge has been attributed to positive business results from the last quarter of 2023, which surpassed expectations with sales averaging seven percent higher than the previous year. This positive momentum was further fueled by encouraging data surrounding the Chinese New Year, indicating a revival of consumption in China, particularly evident in a 60% increase in sales of consumer goods in Hainan province compared to the previous year.

Looking ahead, if the upcoming annual reports of luxury companies confirm the positive trend in China, it could pave the way for a sustained upturn in European luxury goods shares. The resurgence of Chinese consumer confidence signals promising prospects for continued price gains in the luxury market.

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