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China’s domestic steel prices, especially long steel, slid at a breakneck speed on November 20 with Mysteel’s Tangshan Q235 150mm square billet price slumping to a seven-month low of Yuan 3,450/tonne EXW with a Yuan 130/tonne ($4.3/t) in a single day, and the HRB 400 20mm dia rebar price in Shanghai also fell Yuan 100/t day on day to Yuan 4,150/t despite the demand in East China should have been better than in North China. Both prices include the 16% VAT.
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The price of Q235 billet in Tangshan in North China’s Hebei province, Chinese steel’s bellwether price, continued to soften over the weekend, losing a large Yuan 90/tonne ($13/t) from last Friday’s Yuan 3,640/t to reach Yuan 3,550/t EXW and including the 16% VAT as of November 18.
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Chinese steel prices continued to fall on Wednesday, but the pace of the decline eased, with Mysteel’s HRB 400 20mm dia rebar benchmark price dipping only Yuan 7/tonne ($1/t) on day to Yuan 4,547/t including the 16% VAT – much slower than the day-on-day tumble of Yuan 20/t on Tuesday.
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Rebar prices in China sharply decreased on Monday, weighed down by the billet price plunge the same day, which undermined market sentiment and stilled trading activity. Mysteel’s national average price for HRB400 20mm dia rebar declined by Yuan 66/tonne ($9.5/t) from last Friday to reach Yuan 4,574/t including the 16% VAT as of November 12.
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The market for billet in North China’s Tangshan, the bellwether of the Chinese steel market, tried for a price rise over the weekend, with local steel mills shoring up the Q235 billet price by Yuan 10/tonne ($1.5/t) to Yuan 3,910/t EXW and including the 16% VAT as of November 4, after the market for the semi had slipped a large Yuan 50/t last Friday.
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Both China’s rebar price and construction steel trading took a pause on November 1 after a rather busy period in the past two weeks, with Mysteel’s national average price for HRB400 20mm dia rebar remaining unchanged over the day at Yuan 4,728/tonne ($683.2/t) including the 16% VAT, and Mysteel’s daily trading volume of construction steel including rebar and wire rod inched up 0.3% on day to 170,174 tonnes on Thursday, still a relatively low level.
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Mysteel’s Tangshan Q235 150mm square billet benchmark price reversed down Yuan 20/tonne ($2.9/t) over the weekend to Yuan 3,980/t EWX and including the 16% VAT as of October 28 after a continuing gain last week, as downstream re-rollers retreated from the market for the time being.
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Mysteel’s Q235 Tangshan billet benchmark price strengthened for the second day as of October 21, up a total of Yuan 30/tonne ($4.3/t) to Yuan 3,950/t EXW and including 16% VAT, and the market sentiment remained strong amid the continuing emergency curbs as well as the possible imposition of winter curbing on local steel mills soon.
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Mysteel’s Tangshan Q235 billet benchmark price, a core indicator of China’s steel market sentiment, stayed at Yuan 3,890/tonne ($562/t) EXW and including the 16% VAT as of October 14 after a gain of Yuan 20/t on October 12, and many Chinese market participants felt directionless for the time being.
Tangshan market
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China’s steel market sentiment has remained strong despite that the steel stocks at both the mills and trading houses swelled notably during China’s National Day holiday over October 1-5 as spot trading slowed to almost a standstill over the past week.
Rebar stocks at traders at the 35 cities, for example,
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Chinese steel prices softened moderately on September 21 with Mysteel’s national average HRB 400 20mm dia rebar benchmark price down Yuan 7/tonne ($1/t) on day to Yuan 4,620/t and Tangshan billet price down Yuan 20/t on day to Yuan 3,970/t, EXW, both including the 16% VAT, because of the widespread
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China’s domestic steel market remained generally stable on Tuesday, with Mysteel’s HRB 400 20mm dia rebar benchmark price gaining a small Yuan 6/tonne ($0.9/tonne) on day to Yuan 4,616/tonne including the 16% VAT. The central government’s latest response to Washington’s looming tariff slap on $200 billion worth of Chinese goods
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Mysteel’s Tangshan Q235 billet benchmark price jumped Yuan 70/tonne ($10.2/t) in total from last Friday to Yuan 4,100/tonne EXW and including the 16% VAT, or just Yuan 10/t short of the multi-year high on August 20, mainly as the concurrent curbs on the local mills.
The price had been on rise
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Mysteel’s Tangshan Q235 billet price only regained Yuan 10/tonne ($1.5/t) over the weekend after a sharp decline by Yuan 50/tonne last Friday, ending at Yuan 3,990/t EXW and including the 16% VAT as of September 2.
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China’s steel prices rebounded over the weekend after a short-time correction, and Mysteel’s Tangshan Q235 billet price gained Yuan 30/tonne ($4.4/t) from August 24 to Yuan 4,080/tonne EXW and including the 16% VAT as of August 26, reclaiming part of the Yuan 60/tonne loss after having hit a nearly seven-year high at Yuan 4,110/tonne on August 20
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Mysteel’s HRB 400 20mm rebar benchmark price surged Yuan 57/tonne ($8.3/t) on day to Yuan 4,468/tonne including the 16% VAT on August 13, a new high since the beginning of 2018 as market participants were in a buoyant mood, expecting for price rises.
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Chinese steel prices declined marginally on Thursday as trading activity ebbed slightly. Mysteel’s national average HRB 400 20mm dia rebar benchmark slipped by Yuan 4/tonne ($0.6/t) on day to Yuan 4,394/tonne including the 16% VAT, ending four working days of consecutive increases.
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China's steel prices declined for the fourth consecutive day on December 28, with Mysteel's national average HRB 400 20mm rebar benchmark being down Yuan 29/tonne ($4.5/t) day on day to Yuan 4,464/t including 17% VAT as of Thursday amid the sluggish demand.
