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Oct.27-Nov.3 Roundup of Steel Markets In China

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Nov 10,2006
Oct.27-Nov.3 Roundup of Steel Markets In China (Oct.27-Nov.3) Bearing steel market remain gloomy. Deal volume kept in a lower level over the last week, less deal volume became the character of the week. Up to Nov. the market trend of bearing steel this year have been formulated basically, there will be little changes to the existing price level. Some steel makers raised their price for G20CrNi2MoA to respond to the growing price of nickel. But they apply no change to common bearing steel. Concerning the market, distributors only stored limited numbers of stock, because of the lower level of deal volume. No one would like to spend more money on less demanded stock. At the end of a year, most distributors are willing to sell as many as their stocks to get mroe income. However, any one who want to sell are forced to practice at a discount price, because of the limited demand of endusers. Additionally, some steel makers produce bearing steel at so low a level that other makers failed to compete with them. Thus, the steel price kept decreasing but always to a limited extent. It is estimated that no heavy fluctuation will appear in following days; to stop price drops become the common aspiration for all steel markers. By the end of this week, average price of common bearing steel (GCr15) in major regions of China were 4110 yuan/ton; those of anneal bearing steel were 5642 yuan/ton.
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