SHANGHAI, Nov 29 (SMM) - The steel mills lowered their guide prices early last week, depressing the spot market and growing market pessimism.
The trades were poor. But as SS contract prices rose and steel mills raised their quotes, the spot market received a boost. However, the downstream purchases failed to pick up. The consumption has slid due to the traditional off season. This, combined with the holiday factor, will reduce the shipments. Meanwhile, the recovery in stainless steel production will weigh on the market. The stainless steel prices are expected to remain weak.