China’s prices of key steel raw materials all up
Chinese prices of key steelmaking raw materials including iron ore and coke trended upward over November 21-25, as some steel mills’ buying interest spiked with the recent recovery in finished steel prices and their low stocks of raw materials, Mysteel Global noted.
China spot steel prices fall on fundamentals
Chinese steel prices including rebar and hot-rolled coil (HRC) declined in the spot market over November 21-25, as market sentiment was dampened by softening supply-demand fundamentals last week, Mysteel Global noted.
China’s rebar price inches down, spot sales rebound
China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment edged down, though by a tiny Yuan 2/tonne ($0.3/t) on day to Yuan 3,941/t including the 13% VAT on November 25, while spot sales of construction steel rebounded on the last trading day of the week.
Chinese traders’ stainless stocks retreat 3.3%
Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, resumed their decline over November 18-24 after the prior week’s rise, with the volume down 3.3% on week to a two-month low of 518,763 tonnes, according to Mysteel’s latest weekly survey.
SHFE nickel prices soar, copper and aluminum drop
By November 25, the most-traded contracts of copper and aluminum on the Shanghai Futures Exchange (SHFE) had both closed lower on week by the time the daytime trading sessions ended, while the nickel contract posted a significant increase, the exchange’s data showed.
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