Chinese stainless scrap market dim
2013-01-22 08:58:12 [Print]
BEIJING (Asian Metal) 22 Jan 13 - The price of stainless scrap continues to be stable in China and middlemen are reluctant to change quotations seeing few deals are concluded. Insiders forecast a stable price within this week.
A middleman in Baoding, Hebei Province tells Asian Metal that the delivered price of 304 solid scrap is RMB11,200/t (VAT excluded), unchanged over that of the previous trading day and even the month beginning.
The source complains that the business is hard to run for the moment as downstream foundries almost halt procurement with the approach of the Spring Festival (February 10). Therefore, he plans to retreat from the market in coming three or four days. “I did not collect or send materials recently, mainly withdrawing capitals,” he explains. Not being confident of the coming market, the source controlled his stock to a low level of 70-80t, against 200t in the peak season.
A middleman in Dainan, Jiangsu Province confirms a stable price, with that of 304 solid scrap at RMB11,000/t (VAT excluded).
The source is schedule to halt the business at the end of January. He discloses the market is stagnant and the price change of nickel makes no influence on it. Therein, the price of nickel in LME futures market decreased by USD295/t on Monday, but it rose by USD245/t on Tuesday and decreased by USD100/t on Wednesday. On Thursday, it rebounded by USD200/t to USD17,600/t and decreased by USD50/t to USD17,550/t last Friday. Currently he holds a regular stock of 100t in hand.
A middleman in Baoding, Hebei Province tells Asian Metal that the delivered price of 304 solid scrap is RMB11,200/t (VAT excluded), unchanged over that of the previous trading day and even the month beginning.
The source complains that the business is hard to run for the moment as downstream foundries almost halt procurement with the approach of the Spring Festival (February 10). Therefore, he plans to retreat from the market in coming three or four days. “I did not collect or send materials recently, mainly withdrawing capitals,” he explains. Not being confident of the coming market, the source controlled his stock to a low level of 70-80t, against 200t in the peak season.
A middleman in Dainan, Jiangsu Province confirms a stable price, with that of 304 solid scrap at RMB11,000/t (VAT excluded).
The source is schedule to halt the business at the end of January. He discloses the market is stagnant and the price change of nickel makes no influence on it. Therein, the price of nickel in LME futures market decreased by USD295/t on Monday, but it rose by USD245/t on Tuesday and decreased by USD100/t on Wednesday. On Thursday, it rebounded by USD200/t to USD17,600/t and decreased by USD50/t to USD17,550/t last Friday. Currently he holds a regular stock of 100t in hand.
