WEEKLY: Near-term outlook on China's key steel products
Rebar & wire rod: The prices of these longs may grow over May 5-7, as demand from end-users is likely to pick up with the latest COVID-19 spread being under control in some regions across China. Meanwhile, rebar stocks at 429 warehouses in 132 Chinese cities under Mysteel's survey slipped by 2.6% on week to 12.5 million tonnes as of April 28.
Hot-rolled coil: This price may be narrowly range-bound in the week ending May 7, as stocks at traders are expected to mount after the holiday with more deliveries of HRC. As of April 28, HRC stocks at 194 warehouses in 55 Chinese cities under Mysteel's tracking eased 2% on week to 3.9 million tonnes.
Cold-rolled coil: The price may strengthen this week, as demand from end-users will pick up after the resumption of production. Meanwhile, the decline in stocks also lent some support to CRC prices. As of April 28, CRC stocks at 182 warehouses in 29 Chinese cities under Mysteel's monitoring slipped by 5,600 tonnes on week to 2.1 million tonnes.
Medium plate: The price is likely to increase over May 5-7, as demand from end-users is seen growing after the holiday, and some market participants have adopted a bullish sentiment on the prices.
Section: This price is expected to gain in the week ending May 7, as some steel mills have tendency of firming their offering prices on high production costs. As of May 4, the Q235 150mm square billet price in Tangshan, North China's Hebei province, increased by Yuan 30/tonne ($4.5/t) from April 30 to Yuan 4,790/t EXW including the 13% VAT, according to Mysteel's assessment.
Written by Villanelle Xia, xiayi@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
WEEKLY: Near-term outlook on China's key steel products
Jun 06, 2022 10:45
WEEKLY: Near-term outlook on China's key steel products
May 30, 2022 11:00
WEEKLY: Near-term outlook on China's key steel products
May 23, 2022 11:00
WEEKLY: Near-term outlook on China's key steel products
May 16, 2022 11:00
WEEKLY: Near-term outlook on China's key steel products
May 09, 2022 11:30