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China’s steel export market remained tepid last week, even though the price gaps between Chinese sellers and their major competitors narrowed, according to Mysteel’s latest weekly report. By contrast, Chinese interest in imports, especially those of wire rod, became more active, trader sources say.
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Rebar production among the 137 Chinese steelmakers under Mysteel’s tracking including both integrated mills and re-rollers rose for the second week over October 7-13, climbing by 4.3% or 113,900 tonnes on week to total nearly 2.8 million tonnes. The rise was mainly due to the loosening of power rationing in several regions across the country, Mysteel Global noted.
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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 the Chinese market participants.
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Both the Tangshan Q235 150mm square billet price and China’s national price of HRB400E 20mm dia rebar fell in Mysteel’s latest assessment, with the former down Yuan 50/tonne ($7.8/t) on October 17 against last Friday, and the latter down Yuan 2/t on day on October 15, both due to poor trading, according to market sources.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined again over October 8-13, falling by 3% on week, as demand from end-users recovered after the National Day holiday over October 1-7.
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Chinese steel export volumes remained tepid during and after the National Day holiday week over October 1-7, market sources said on October 12. Steel export prices continue to gain in tandem with rising domestic steel prices, making exporting even harder, they said.
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Over September 30-October 6, rebar production among the 137 Chinese steel producers under Mysteel’s tracking including both integrated mills and re-rollers recovered by 6.8% or 168,900 tonnes on week to reach 2.7 million tonnes. Though output was still at a low level, last week’s result still ended four straight weeks of declines.
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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 the Chinese market participants.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey reversed up by 4.7% on week over September 30-October 7 after sliding for four weeks, mainly due to the mills' increased production and slowing demand during the National Day holiday over October 1-7.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined for the fourth week over September 23-29 to hit the year's low of 4.98 million tonnes, mainly thanks the further drop in mills' steel output and the steady demand from end-users.
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Chinese steel exports have stayed slack recently partly due to the low demand from major buying countries and the difficulties in chartering vessels for the shipments, industry insiders shared on Monday.
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Over September 16-22, rebar production among China’s 137 steelmakers under Mysteel’s tracking including both integrated mills and re-rollers hit a 18-month low of 2.7 million tonnes, or down for the third straight week and at a faster pace of 11.8% or 361,800 tonnes on week, against the 6.1% on-week fall in the prior week, mainly due to a wider and deeper finished steel production cuts in many regions of China.
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As of September 26, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment stayed unchanged at Yuan 5,751/tonne ($889/t) including the 13% VAT after a Yuan 27/t on-day fall last Friday, though daily trading volume of construction steel recovered strongly by nearly 23% from September 24 partly due to the pre-holiday replenishment.
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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 the Chinese market participants. China will be celebrating the National Day holiday over October 1-7.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined to an 8.5-month low of 5.49 million tonnes over September 16-22, mainly due to the reduction in output from the tough restrictions imposed on energy consumption among Chinese steel mills.
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Softer flat-steel markets at home and abroad saw Chinese export prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) reverse down last week after rising for the two prior weeks, according to Mysteel’s latest weekly report.
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Over September 9-15, rebar production among China’s 137 steel producers under Mysteel’s survey including both integrated mills and re-rollers decreased for the second week and at a faster pace of 6.1% or 200,800 tonnes on week to 3.07 million tonnes, which was also down 17.6% or 654,500 tonnes on year due to the ongoing curbing among the producers.
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Below is the brief near-term outlook of the five key carbon steel finished products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants. China was off over September 20-21 for Mid-Autumn Festival.
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Over September 13-17, China’s prices of rebar and hot-rolled coil (HRC), the two popular carbon steel finished steel products, showed signs of diverging in the spot market, though both their futures prices reversed from several weeks of strengthening, indicating the struggling of market sentiment amid probably lower output while also softening in demand in the near or longer term, Mysteel Global noted.
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On September 15, the China Association of Metalscrap Utilization (CAMU) shared the 14th Five-Year Plan (2021-2025) for the country’s steel scrap industry that had been agreed among the members, among which some key criteria have been listed to help promote eco-friendly, efficient and sustainable development in the country’s steel industry, according to various media reports including China Metallurgical News.
