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The stocks of the key finished steel items held by traders across China continued increasing over July 3-9 given the dampening effect of the intense rains on sales. However, the pace of growth in inventories slowed over the period due to the decline in production and the moderate improvement in market sentiment which stimulated a rise in trading, Mysteel Global noted.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market’s sentiment, continued growing for the fourth working day on July 8 by another Yuan 21/tonne ($3/t) on day, reaching Yuan 3,784/t including the 13% VAT, Mysteel’s data showed.
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China’s steel export prices remained stable over June 29-July 3 after increasing $5-10/tonne during the prior week, according to Mysteel’s latest weekly report, which pointed out that demand from Asia showed signs of recovery with the faster resumption of industry in India after New Delhi’s COVID-19 shutdown and the restart of construction activities in Singapore.
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The general increase in domestic spot-market prices for hot-rolled coil (HRC) in China evident since late April seems to have run out of steam, with prices finally showing signs of weakness last week, given the rise in production and declining stocks, Mysteel Global noted.
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China’s national price for HRB 400 20mm dia rebar price increased mildly by another Yuan 6/tonne ($0.9/t) on day to Yuan 3,757/t including 13% VAT as of July 6, according to Mysteel’s daily report. It is mainly thanks to the continuing strong market sales of long steel.
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Rerebar output from China’s 137 steelmakers persisted above 4 million tonnes over June 25-July 1, or inching up 0.1% on week to a new record high since Mysteel’s commencement of the survey in February 2015, as Chinese steel mills have been sticking to high output to maximize margins.
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China’s national HRB400 20mm dia rebar price assessed by Mysteel reversed up last Friday after seven consecutive days of decline, although it was a slight increase of Yuan 5/tonne ($0.7/t) on day to Yuan 3,751/t including 13% VAT as of July 3. Steel trading rebounded to nearly a one-month high, strengthening the rebar price.
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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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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for October reached Yuan 3,619/tonne ($517/t) as of Friday, only fractionally lower than the closing price of Yuan 3,620/t a week earlier.
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As of July 2, China's national price of the HRB 400 20mm dia rebar continued the downtrend for the seventh day, decreasing Yuan 3/tonne ($0.4/t) on day to Yuan 3,746/t and including the 13% VAT, according to Mysteel’s data.
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Stocks of five major finished steel products at the 184 Chinese steelmakers Mysteel monitors continued to grow for a fourth consecutive week over June 25-July 1 as slowing demand from users kicked in, with the total tonnage rising another 4.1% on week to reach 6.5 million tonnes as of July 1, according to Mysteel’s latest weekly survey.
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Inventories of major finished steel products held by Chinese traders increased for a second successive week over June 25-July 2, as actual demand was undermined by the continuing frequent rainfalls in South and East China while domestic steelmakers kept production churning, Mysteel’s latest survey showed.
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Stable trading conditions at home encouraged China’s suppliers of hot-rolled coil to raise their export prices by around $10/tonne over June 20-28, yet despite this hike the price gap with the Chinese shippers’ global competitors narrowed as international prices climbed even faster, according to Mysteel’s latest weekly report. Shippers of foreign coils exporting to China stumbled with their pricing as well last week, Mysteel Global notes.
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Starting this month, most steel producers in Tangshan, China’s top steel producing city in North China’s Hebei province, could find themselves forced to halt some facilities including blast furnaces and sintering machines perhaps for as long as three months, as part of production restrictions on industrial enterprises to control pollution and improve air quality, according to a draft seen by Mysteel Global.
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China’s national price for HRB 400 20mm dia rebar which Mysteel assessed slid for the fourth straight day by Yuan 8/tonne ($1.1/t) on day to Yuan 3,756/t including 13% VAT, suggesting a relatively cautious market sentiment in the midst of the rainy season.
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Prices of hot-rolled coil (HRC) in China’s domestic spot market remained firm over June 22-28 given the mills’ high production costs and stable fundamentals, even though the pace of production has already returned to pre-COVID levels, Mysteel Global noted.
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China’s national price of HRB400 20mm dia rebar declined further and at a faster pace on Monday, down Yuan 19/tonne ($2.7/t) from last Friday to Yuan 3,764/t including the 13% VAT as of June 29. Steel trading retreated markedly amid continuous rainfalls in South and East China.
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Against the expectation of some market sources for a further on-week contraction, rebar output from 137 China’s steelmakers reversed up by 1% on week to a new high of 4 million tonnes over June 18-24 ever since Mysteel launched the weekly survey in February 2015.
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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 for HRB 400 20mm dia rebar which Mysteel assesses regularly inched down another Yuan 7/tonne ($1/t) on day to Yuan 3,783/t including 13% VAT as of June 28, a working day in China after the Dragon Boat Festival holiday.
