Roundup of China's Bearing Steel Market Dated Oct. 28 to Nov. 4

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Nov 09,2005

China bearing steel price continued slight sliding this week within the fluctuation range between 100 and 150 yuan. After the Bearing Steel Market Alarming Conference held last week in Beijing, major mills began to cut their output and steel price kept in a relatively stable 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. *********** News: Mills in Hubei Province Increase Their Price Xinye Steel and Daye Steel, two mills in Hubei province, has announced their new price policy: 1. Price of carbon, chromium and CrMnTi steel will be increased by 50 yuan/ton; 2. Price of all kinds of bearing steel will be increased by 100 yuan/ton. the above price fluctuation is based on the former price that those mills released on August 17, the new price has included tax. New price policy will take effect from Nov. 1.

(cbcc)

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