304 Stainless Steel Billet Prices Surge with Steel Mill Price Increase; Scrap Price Gap Widens to 150 Yuan/Ton
Jul 05, 2024
July 4th, Foshan Market News: Yesterday, nickel prices on the London Metal Exchange rose by $365 to $17,440 per ton, with 203,229 lots held and 6,246 lots traded, with a stock of 95,994 tons. As of 15:59 today, nickel prices weakened, hovering around $17,211 per ton.
Today, the stainless steel spot market showed a strong upward trend in quotations. In the morning, the 304 steel mill price from Qingshan was increased by 100 yuan/ton, and the market followed suit with quotations, with other origin resources also showing an increase of 50-100 yuan/ton. Especially, the Jinhai material has reached a high tax-inclusive price of 13,000 yuan/ton. However, the market has not yet seen high-priced transactions, mostly waiting for transactions at 12,900 yuan/ton.
For the 201 series, although Qingshan has not initiated a new steel mill price, other market resources from other origins have shown signs of tentatively raising prices, but the increase is only 20-30 yuan/ton. In the afternoon, the market price continued to fluctuate, mainly due to flexible operations during the buying and selling process. In terms of scrap, the market quoted an increase of 304 scrap by 30-50 yuan/ton, and the price gap between high and low has expanded to 150 yuan/ton.
Daily Review: Today, Qingshan steel mill updated the price increase, and Qingshan agents immediately followed with quotations for July resources: Dingxin 304 cold-rolled narrow strip at 13,300 yuan/ton, hot-rolled narrow strip at 13,400 yuan/ton; 30478 cold-rolled narrow strip at 12,800 yuan/ton. 304 hot-rolled plate at 13,430 yuan/ton, 30478 hot-rolled plate at 12,900 yuan/ton.
From the quotations, the overall market resource price has increased by 50-100 yuan/ton. It can be seen that the narrow strip resources from Xinfeng and Jinhai are reported at a tax-inclusive price of 12,900-13,000 yuan/ton, and some are reported at 12,000-12,050 yuan/ton without tax. During the sales process, high-priced transactions are temporarily rare, and some merchants have a bargaining space at 12,950 yuan/ton. In the afternoon, some traders quoted an increase from 12,900 yuan/ton to 12,930 yuan/ton for Xinfeng materials. For the large plates, Guangqing and Beigang New Material resources are mostly quoted at a tax-inclusive price of 13,400-13,450 yuan/ton, while Delong is waiting for transactions at some 13,350 yuan/ton. During the day, market transactions are mainly based on rigid demand.
Daily Review: Today, Qingshan agents reported: Dingxin J2 at 7,900 yuan/ton; J3 at 8,200 yuan/ton; J1 at 8,600 yuan/ton; J4 at 9,200 yuan/ton. Other market origins are quoted as follows: Xinfeng J3, Jinhai J3, Zhongjin J5, Huayue J3A are tax-inclusive at 7,800-7,850 yuan/ton. Beigang New Material J5, Baosteel D4, Yongda J3E four and five feet are tax-inclusive at 7,800-7,900 yuan/ton.
From the quotes, the market Dingxin resource prices remain stable, and the quotations of narrow strip resources from other origins are influenced by the 304 price increase atmosphere, with traders' quotations probing to increase by 20-50 yuan/ton. Guangxi narrow strip resources are high at a tax-inclusive price of 7,850 yuan/ton, and some traders have raised the price to 7,820 yuan/ton after a limited number of orders at 7,800 yuan/ton. For the large plates, Beigang New Material and Baosteel prices have not changed significantly, and some high and low price differences are maintained at 50 yuan/ton. In sales, there are flexible operations, such as traders quoting Beigang New Material J5 at a tax-inclusive price of 7,850 yuan/ton, with actual transactions at 7,830 yuan/ton. In addition, Baosteel T4 materials are waiting for transactions at 7,780 yuan/ton.
Daily Review: Compared to this morning yesterday, today's market quotes for 201 are mostly flat, with some increases of 20-30 yuan/ton; 304 quotes are partly flat, and some have increased by 30-50 yuan/ton. The current mainstream quotation range is: 201 new material at 5,650-5,750 yuan/ton; 304 new material at 10,200-10,350 yuan/ton, with some at 10,400 yuan/ton.
Today, influenced by the closing of the previous day's nickel and Shanghai nickel main contracts, the market's price increase atmosphere gradually appeared but did not become strong. Later, after Qingshan steel mill's 304 scrap offered a 100 yuan/ton increase from the previous period to an inquiry price of 9,700 yuan/ton, the merchants' quotations became more active. Some maintained a stable price to test the downstream shipment attitude, while others directly reported an increase of 30-50 yuan/ton to receive goods. The market's high and low price difference expanded to about 150 yuan/ton compared to yesterday. However, due to the impact of cash flow, merchants have expressed that payment for goods needs to be made within 7-10 days or cash payment needs to be reduced by 50-100 yuan/ton, and the actual transaction price in the market is mostly based on the price of the goods.
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