US negotiated basis figures eased downwards over the last month in the coil segment. Plate numbers were unchanged. Alloy surcharges for grades 304 and 316 are up by 4.3 and 0.3 percent, respectively. Allegheny will implement an energy component into its raw material surcharge, effective with November 1 shipments. Consumption is generally quite low and customers are only buying small quantities. The Japanese market is becoming weaker. Very little business is being concluded which makes it difficult to deplete the inventory overhang. Steelmakers continue to reduce output significantly but this has failed to prevent further price erosion. We have recorded fails of 5000 RMB per tonne for both coil and plate products.
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