304 Cold Rolling Market Prices in Foshan Rise by 30-100 Today
Jul 05, 2024
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On July 4, 2024, the U.S. stock market was closed, while the A-share market fluctuated throughout the day, with the three major indices continuing to decline. Except for a few sectors that rose against the trend, most closed down.
Stainless steel futures surged in the morning but fell in the afternoon, ultimately losing the 14,200 mark. The spot market opened with a 100 increase by Qingshan, and the market followed suit with various price hikes. However, the high prices did not last, and transactions were more active at lower levels.
The 304 cold rolling market followed the plate price, with some agents pausing orders later. The market mainstream reached 13,650-13,750 basis points, and with the steel mill's price increase, the market followed suit, with some Delong rising to 13,680-13,700 basis points.
Qingshan's hot rolling agents followed the plate price with a 100 increase, and traders followed with a 50-100 yuan/ton increase. The market was mostly negotiated transactions. In the afternoon, some low positions still chased higher, while some high positions began to offer discounts to facilitate transactions.
For the 201 market, the hot rolling agents remained flat, and traders continued to do so, with some narrow band resources from certain origins fluctuating by 20-30. The cold rolling agents followed the plate price, with most traders remaining flat, and some still making up 20-30 to increase, with transactions generally leading to discounts of 20-30 to facilitate transactions in the afternoon.
The 430 cold and hot rolling quotes were mostly flat, with some cold rolling lowering by 50 yuan/ton to facilitate transactions.
Prices for 304 cold and hot rolling were adjusted, with an overall market resource price increase of 50-100 yuan/ton. Sales were mainly based on demand.
The stainless steel market experienced a mixed day with some price increases and a general quiet trading atmosphere. The market is adjusting to the changing dynamics, with some sectors showing resilience while others are more cautious.
"Market conditions are subject to change, and it is essential for traders to stay informed and adapt to the evolving landscape."
Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.
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