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Mysteel’s Q235 150mm square Tangshan billet price, the weathervane of China’s steel market, searched for direction over the weekend, first losing then recovering Yuan 10/tonne ($1.4/t) on Saturday and Sunday to end at Yuan 3,560/t EXW and including the 13% VAT as of May 19, unchanged from last Friday.
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China’s national average benchmark price for HRB400 20mm dia rebar rebounded by Yuan 10/tonne ($1.5/t) on day to Yuan 4,176/t on delivery and including the 13% VAT as of May 16 after having declined for six working days.
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China’s spot long steel trading on May 15 picked up 30% on day amid the continuing price decline in the national HRB400 20mm dia rebar for the sixth day as of Wednesday, having lost another Yuan 10/tonne ($1.5/t) on day to Yuan 4,166/t including the 13% VAT.
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Mysteel’s national HRB 400 20mm dia rebar benchmark price decreased for the fourth day as of May 13, down another Yuan 19/tonne ($2.8/t) from last Friday to Yuan 4,208/t including the 13% VAT, as the market sentiment has been tested on signs of a slow-down in demand and the growing concern on the escalating Sino-US trade friction.
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China’s national average price for the HRB400 20mm dia rebar decreased for the second day by another Yuan 18/tonne ($2.6/t) on day to Yuan 4,231/t including the 13% VAT as of Thursday, as traders are growingly worried about the remaining high steel output and the slow-down in steel stocks digestion.
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China’s steel prices recovered from the Monday slide on May 7 with Mysteel’s national HRB 400 20mm dia rebar benchmark price have rebounded Yuan 7/tonne ($1.03/t) on day to Yuan 4,261/t and the Tangshan Q235 150mm square billet price recouping Yuan 20/t on day to its six-month high of Yuan 3,600/t EXW, with both including the 13% VAT.
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The rebar and Tangshan billet prices, being the major barometers of China’s steel market sentiment, both gained on May 5, Sunday, a working day in China in lieu with the Labour Day Holiday on May 1-3, as the domestic steel market sentiment has remained positive after the break.
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Mysteel’s national HRB 400 20mm rebar benchmark price stayed firm in general, having ebbed by merely Yuan 1/tonne ($0.15/t) on day to Yuan 4,233/t including the 13% VAT as of April 29, and the spot demand remained steady with the Labour Day Holiday over May 1-3 just around the corner.
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China’s national average price for HRB400 20mm dia rebar inched up Yuan 3/tonne ($0.4/t) from last Friday to Yuan 4,234/t including the 13% VAT as of April 28, a working day in China in lieu of the Labour Day holiday on May 1-3, having sourcing support from the continuing declines in finished steel stocks both at the traders and steel mills.
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Trends in Chinese domestic steel prices varied among regions on Thursday, with those in East and North China reversing up after two consecutive days of declines whereas that in South China continued to soften.
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Mysteel’s national HRB 400 20mm rebar benchmark price softened by Yuan 9/tonne ($1.3/t) on day to Yuan 4,251/t including the 13% VAT on Tuesday, marking a slight retreat after Monday’s strong rebound which saw the rebar price reach its highest point since last November.
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Mysteel’s national average price for HRB400 20mm dia rebar price returned to its uptrend on April 22 after having softened for the previous three days and refreshed its five-month high since November 21 2018, up Yuan 45/tonne ($6.7/t) from last Friday to Yuan 4,215/t including the 13% VAT and the domestic steel market sentiment stayed positive in general.
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Mysteel’s national HRB 400 20mm rebar benchmark price softened by Yuan 7/tonne ($1.1/t) on day to Yuan 4,238/t on delivery and including the 13% VAT as of April 17 after a strong surge in the previous day, while the spot demand remained rather stable.
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Mysteel’s national average price for HRB400 20mm dia rebar increased Yuan 16/tonne ($2.4/t) on day to Yuan 4,245/t including the 13% VAT as of April 16 amid the remaining firm downstream demand and the remaining high steel production costs, though the spot trading of long steel subsided on Tuesday.
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Mysteel’s Q235 150mm square Tangshan billet benchmark price, the weathervane of China’s steel market, is approaching its five-month high with a gain of Yuan 20/tonne ($3/t) over the weekend to Yuan 3,570/t EXW and including the 13% VAT as of April 14, thanks to demand revival from local steel re-rollers.
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Mysteel’s national average price for HRB400 20mm dia rebar has been persisting at the level close to Yuan 4,200/tonne ($/t) for the third consecutive day, down merely Yuan 1/tonne on day to Yuan 4,196/t including the 13% VAT as of April 11, as near-term market outlook stayed positive and downstream demand remained firm.
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Mysteel’s national HRB 400 20mm dia rebar benchmark, the representative price of Chinese steel market, paused for a breath after a continuing climb-up since the start of April, down Yuan 1/tonne ($0.1/t) on day to Yuan 4,197/t including the 13% VAT as of April 10.
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The price of Tangshan Q235 150mm square billet reversed up Yuan 20/tonne ($3/t) over April 5-7 to Yuan 3,470/t EXW and including the 13% VAT as of April 7, and market participants attributed the modest rise to the strong performance in finished steel especially long and the further improvement in the market sentiment.
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Mysteel’s national average price for HRB400 20mm dia rebar increased Yuan 21/tonne ($3/t) from last Friday to Yuan 4,062/t on April 1, despite that the new 13% VAT took effect to replace the original 16% VAT, and the daily trading volume grew too, indicating the steady revival in domestic demand when the spring has come to the most parts of China.
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The Tangshan Q235 150mm square billet benchmark went up by another Yuan 20/tonne ($3/t) over the weekend to Yuan 3,470/t EWX and including the 16% VAT as of March 31, or up a total of Yuan 50/t since March 26, as the market is concerned that local steel mills will still face frequent curbing measures in April though the winter restriction came to an end officially on the last day of March.
