Roundup of China's Bearing Steel Market Dated Oct. 14 to 21
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Oct 26,2005
China bearing steel price continued slight sliding in the last week within the fluctuation range between 100 and 150 yuan. Besides, fierce price competition was broken out among the leading mills in China. There were few mills could profit from their present steel price and most mills had to cut their output. For example, steel output of a mill in middle east China turned out to be 26.7 percent lower than its average level.
Transaction values still kept in a lower level, slower and lesser delivery was common phenomenon. Former regular bearing steel distributors began to do business like offer for sale and unwilling to have any inventories. Lasting depression in the steel market made insiders suffering so much.
Distributors with abundant inventories had stop purchasing any more; for the end users, they only placed orders of necessary amount or negotiated with the mills for a long term favourable transaction policy which will not be based on any present order. For the common wait-and-see opinion among the insiders, the total inventories was relatively less.
The price of ferrochrome was kept in a reasonable level, about 5800 Yuan/ton.
Source from Myspic, a price index of Chinese steel, the comprehensive index of Chinese steel price on Oct 21 was 113.5, 3.1%, 7.6% and 23.2% lower than last week, month and year respectively. The index has been slided for 11 continuous weeks, the lasting price sliding of steel also influence the price of special steel. China Steel Association held a conference to find a way to stabilize the domestic steel price. Representatives from more than 50 mills attended the conference and they expected to cut the steel sheet output of domestic leading mills by 5%, so as to improve the supply-demand balance.
(cbcc)
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