Red Monday started at the beginning of the week. The highest price during the day was 14,835 yuan/ton and closed at 14,780 yuan/ton, up 225 yuan/ton or 1.55% from last Friday.
In the spot market, according to the morning survey, the main price of private cold-rolled four-foot rough 304 grade was 14,600 yuan/ton, which was increased by 50 yuan/ton compared with last Friday. The price has not changed compared to last Friday. Futures prices fluctuated and recovered Friday night, with trades improving slightly on Saturday. Cold rolled quotes from traders in the market were a bit firm this morning.
Steel Mill Quotes:
Today, Jiangsu Delong 304 cold rolled steel prices opened at RMB 14,800/ton for four feet and RMB 14,800/ton for five feet, which was the same as last week, with discounts yet to be determined. The starting price of Delon hot rolled steel in Wuxi market this week is 14,500 yuan per ton, which is the same as last week! Discount to be determined!
Delonghi 304 cold rolled sheet price is US$14,700 with US$100 discount, proposal pending approval. This price is 50% below the closing price on October 25th.
Cargo volumes outpaced growth earlier in the week, but the 904L STAINLESS STEEL CIRCLES steel mill opened low to take orders. This affected the market mentality and heavy traffic dominated most days. In the afternoon, the main market quotation was around 14,550-14,600 yuan per ton. Market demand was slightly active, but transaction volumes did not improve significantly. The main demand was to replenish stocks.