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Nov 7---Nov 14 Roundup of Steel Markets in China

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Nov 17,2008
(Nov 7---Nov 14 ) Bearing steel was traded in a stable level,little change compared with last week. In this week, the 50mm hot rolling GCr15 was priced at 4364 Yuan/ton, while 100mm annealing GCr15 was quoted 6757Yuan/ton, which equal to last week. The deal volumes were satisfactory. Bearing steel market finally calm after long term instability. The distributors'stock was limited, large inventories were 4000-7000 tons and small were 1,000 tons. It is expected that bearing steel price will be stable. there are some good news at present: 1.there's likely to reduct interest. 2.The State Department have launched adjustment for finance policy and positively put it into practise. 3. The State Department approved approximately RMB20 billion for investment projects, they also announced that raised the export rebate rate and adjust export tariffs of some products, which also involves some of the steel. Negative news as follows: 1.The quality steel market experienced slightly falling, and may be slip further.It was reported that 20CrMnT was priced at 4,000 yuan / ton in east China.
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