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Rebar output among the 137 Chinese producers surveyed by Mysteel including integrated mills and re-rollers resumed trending downward over November 12-18, as more domestic mills stopped work for maintenance during that period, according to Mysteel’s latest weekly survey.
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Tangshan Q235 150mm square billet price, weathervane of China’s steel market development, reversed down after continuous increase since November 16. It decreased by Yuan 30/tonne ($9.1/t) on day to Yuan 3,590/t EXW and including the 13% VAT as of November 23. Downstream buying retreated with bleak winter coldness blanketing the majority of China.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market sentiment, grew for the fourth consecutive day last Friday. It gained another Yuan 15/tonne ($2.3/t) on day to Yuan 4,174/t including the 13% VAT as of November 20, while long steel sales in the physical market softened on the same day.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Chinese steel prices continued to refresh respective highs on November 19 although downstream buyers were starting to worry about the “dangerously high” prices and displayed some resistance in buying, Mysteel Global understands from market sources.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills monitored by Mysteel continued to shrink over November 12-18, falling by another 3.6% on week to refresh the 10-month low at some 5 million tonnes, according to Mysteel’s latest weekly survey.
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China’s steel mills have hiked their export offering prices substantially by $5-19/tonne on week more to match the gains in the domestic prices than to eagerly look for buyers from overseas, though demand from overseas have appeared robust, Mysteel Global understands from industry sources.
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China’s independent electric-arc-furnace (EAF) steel mills saw their capacity utilization recover slightly last week, as the profit margins these EAF steelmakers are enjoying on their output have improved thanks to the strengthening of finished steel prices currently, market watchers commented on Wednesday.
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Rebar output among the 137 Chinese producers surveyed by Mysteel including integrated mills and re-rollers reversed up again over November 5-11 after the prior week’s retreat, indicating the domestic steelmakers’ strong enthusiasm for producing when the prices have been hovering high, Mysteel Global learned.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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China's national price of the HRB 400 20mm dia rebar softened for the second day on November 13, down another Yuan 5/tonne ($0.8/t) on day to Yuan 4,115/t including the 13% VAT, while spot sales of long steel in the domestic market had been largely stable, according to Mysteel’s surveys.
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China’s two major flat steel producers, Baoshan Iron & Steel Co (Baoshan Steel) and Angang Steel Co, both announced on November 10 plans to add Yuan 100/tonne ($15/t) to their list prices for carbon steel hot-rolled coil (HRC) for domestic sales in December, indicating both mills’ strong intention to hold onto prices amid improved sentiment and higher production costs.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market sentiment, reversed down on November 12 after growing for eleven working days. It dipped by Yuan 4/tonne ($0.6/t) on day to Yuan 4,120/t including the 13% VAT, according to Mysteel’s data.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills monitored by Mysteel posted a sharper on-week fall over November 5-11 to settle at a 10-month low of 5.2 million tonnes, according to Mysteel’s latest weekly survey. Chiefly responsible for the fall were firm demand from end-users and the lower output of domestic mills, survey respondents said.
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Steel scrap prices across China are likely to keep strengthening in the remaining few weeks of 2020, predicted Li Shubin, vice chairman of the China Association of Metalscrap Utilization (CAMU) at the 2020 National Steel Scrap Conference in Haikou in South China’s Hainan province on November 12.
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Despite higher steel output, China’s steel scrap consumption decreased by 1% or 1.58 million tonnes on year to 155.2 million tonnes in the first nine months of 2020, Li Shubin, vice chairman of the China Association of Metalscrap Utilization (CAMU), shared on November 12 at the 2020 National Steel Scrap Conference in Haikou, South China’s Hainan province.
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The profit margins of China’s blast-furnace steel mills saw some improvement in October, mainly thanks to the recovery in steel prices with the firmer demand from end-users, Mysteel’s latest monthly report shows. The mills’ production costs did increase further last month, however.
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Shagang Group, China’s largest rebar producer, has hiked its rebar prices by Yuan 300/tonne ($45.4/t) at one go for the domestic sales over November 11-20, or the sharpest incline so far this year to reflect the observable rises in China’s spot rebar prices of late and the boosed market sentiment in the early winter, according to market sources.
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Tangshan Q235 150mm square billet price, the bellwether of China’s steel market development, jumped Yuan 50/tonne ($7.6/t) over the weekend to reach a 15-month high of Yuan 3,560/t EXW and including the 13% VAT as of November 8. Market concern over further billet supply tightness was triggered by the renewed curbing measures on billet-supplying mills in this top steel producing city in China.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
