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China’s national price of HRB400 20mm dia rebar continued to soften for the eighth consecutive working days. It reached a nearly three-month low of Yuan 3,760/tonne ($550.5/t) including the 13% VAT as of September 24, down another Yuan 4/t on day or a total of Yuan 98/t so far in September.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills Mysteel regularly canvasses emptied for the fourth straight week over September 17-23, thinning by another 0.5% on week to 6.63 million tonnes, mainly thanks to improved demand from steel users and the reduction in output among mills, according to Mysteel’s latest weekly survey.
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China’s steel export prices weakened over September 14-18, their first decline since early May, as steel suppliers – especially traders – lowered their offers when domestic demand turned slack, Mysteel’s latest weekly survey has found. Export trading increased after the gap in prices between Chinese products and those of rivals closed, respondents said.
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel continued to weaken for the sixth working day on Tuesday, down another Yuan 12/tonne ($1.8/t) on day to Yuan 3,768/t including the 13% VAT as of September 22. Steel trade picked up slightly after the recent continuous price drops.
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Rebar output from China’s 137 sampled steelmakers has been range-bound since the middle of July due to frequent but short-time maintenance, and as of September 10-16, the volume reversed up 0.3% on week to 3.7 million tonnes, according to Mysteel’s latest weekly survey.
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China’s domestic prices of hot-rolled coil (HRC) declined for the second week, down another Yuan 28/tonne ($4.1/t) to Yuan 3,950/t including the 13% VAT as of September 18, Mysteel’s data showed, as both the domestic demand and market sentiment softened.
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel, an indicator of China’s steel market dynamics, declined by another Yuan 15/tonne ($2.2/t) from last Friday to Yuan 3,780/t including the 13% VAT as of September 21. The price had softened for five working days in a row and market sentiment deteriorated as steel demand had remained weak.
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Among the four major electrical home appliances manufacturing in China, that of air-conditioner declined the most by 17.2% on month to 15.3 million units for August, though the volume was still 0.5% higher on year, according to the latest data from China’s National Bureau of Statistics (NBS), though market sources remained optimistic on higher production for the last quarter of 2020.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel-market sentiment, continued its downtrend to reach Yuan 3,795/tonne ($561/t) including the 13% VAT as of September 18, losing a slight Yuan 1/t on day, according to Mysteel’s data.
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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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At the close the daytime session on September 18, the most traded rebar contract on the Shanghai Futures Exchange (SHFE) for next January delivery had decreased Yuan 44/tonne ($6.5/t) from the settlement price one week earlier to settle at Yuan 3,603/t as pessimism pervaded in the market, despite lower stocks and generally stable demand.
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Stocks of the five major finished steel products at China’s 184 steel mills slipped for the third consecutive week though by 0.4% on week over September 10-16, as the consumption among the end-users inched up with the pleasant weather in most of China, offsetting the slightly higher production, according to Mysteel’s latest weekly survey.
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China’s shipbuilders received new vessel orders totalling about 15 million dead weight tons (dwt) over January-August, or down 4.5% on year, according to the latest data from the China Association of the National Shipbuilding Industry (CANSI), there was a slight improvement from the 4.8% on-year drop for the first seven months, but the concern persisted on the insufficiency of the backlog.
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China’s national average HRB400 20mm dia rebar price slipped for the third day as of September 17, down another Yuan 10/tonne ($1.5/t) on day to Yuan 3,796/t including the 13% VAT, and the slight recovery in trading and depletion of inventories seemed to have failed to ease the current pessimism, Mysteel Global understands.
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Steel stocks at Chinese traders’ warehouses declined further and faster over September 11-17, thanks to the firm end-user demand over the period, even though market sentiment stayed gloomy, Mysteel Global noted.
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The spot price of the high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia stayed unchanged at Yuan 5,800/tonne ($853/t) including 13% VAT as of September 16 after three weeks of rises, as both the traders and stainless plants slowed down their paces of buying from the prior weeks, according to Mysteel’s latest weekly report.
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China’s national price for HRB 400 20mm dia rebar posted second day of decline of Yuan 17/tonne ($2.5/t) on day to Yuan 3,806/t including 13% VAT as of September 16, quite a notable decline among the mild fluctuations lately, according to Mysteel’s daily price tracker.
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Domestic futures prices of ferrous materials and metals including iron ore, rebar and hot-rolled coil in China declined significantly on September 16, with the most traded rebar futures contract down 1.8% on day and iron ore futures plunging by 5.1% on day. Market watchers suggested that current actual demand for ferrous commodities was not as robust as the market had long expected, Mysteel Global noted.
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China's national price of the HRB 400 20mm dia rebar returned to the downtrend again on Tuesday after a short-lived rebound on the previous day. The price declined by Yuan 6/tonne ($0.9/t) on day to Yuan 3,823/t including the 13% VAT as of September 15, according to Mysteel’s data.
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China’s steel export prices continued to rise over the past week and transaction volume grew, mainly due to the steadily narrowing price gap with the Chinese mill competitors in the international steel market, according to Mysteel’s latest weekly survey.
