Although the plants' prices of November were announced last week, the stainless steel market reaction yesterday was still slow due to the unclear demand from downstream buyers and the actual execution price is unknown.

Reflecting that nickel price has soared to more than US$20,000/ton, and the scrap purchase price has not changed much, plus Tsingshan Holding Group Co., Ltd. has increased its export prices, so steel mills continued to increase their prices in November.

However, the market hasn't reacted obviously to the price adjustment. The main reason is that domestic demand is not strong. There is a large amount of export sales, but it is difficult to increase prices. Steel mills are still adjusting their production strategies and overall to remain at the same level in receiving orders.

The industry believed that oversupply in the market is still the key, and it is necessary to reduce inventories to stabilize the market.