Cool down after stainless steel rally

On October 10^th Foshan market, a good atmosphere of LME nickel soared last night for $415 this morning, the stainless steel market again strong upside. The market steel mills look turns. Among them, the opening of the Tsingshan steel mill, 304 stainless steel hot rolled price rise up 600 Yuan/ton, let the passion reach the boiling point.

But throughout the day, the market is in sharp contrast to yesterday’s. Yesterday was the same price as volume, today the result of the transaction is weak, in the afternoon even appears the price and the deal fall.

In the morning, the market of 304 Stainless Steel cold rolled such as Hongwang mainstream price is 15500-15700 Yuan/ton, some merchants’ 1.95 thickness even few to 15900 Yuan/ton. And Fujian Yongjin didn’t open the spot disk because of the agent, the spot price of the market merchant also briefly pushed the price to 15600 Yuan/ton, with some base price is 15700 Yuan/ton. The price of the thickness of 1.95 is also 15600 Yuan/ton.... The market general feedback, after the price rises the transaction is cold.

Keyword: stainless steel market, 304 Stainless Steel cold rolled sheet price.