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Mysteel’s national average price for HRB400 20mm dia rebar declined for the fifth successive day by another Yuan 20/tonne ($3/t) on day to Yuan 3,973/t including the 16% VAT as of February 20, as demand revival after the Chinese New Year break has been hindered by rainy days in China.
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Chinese domestic prices of rebars continued to soften on Tuesday with the slow recovery in demand, as widespread rains in South and East China continue to hamper the restart of building activity on construction sites, Mysteel notes.
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Production and sales of automobiles in China continued falling in January, registering sharp declines of 12% and 16% on-year respectively, according to the latest data from China Association of Automobile Manufacturers (CAAM) released on February 18.
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Rebar prices in most areas of China continued to decrease but at a slower pace on Monday, with Mysteel's national average price of HRB 400 20mm dia rebar losing another Yuan 8/tonne ($1.2/t) from last Friday to reach Yuan 4,001/t including the 16% VAT.
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Prices of
hot-rolled coil across China reversed down last week as the domestic market
remained in holiday mode after the Chinese New Year break, according to market
watchers last Friday.
China’s national
average benchmark price for Q235B 3mm HRC slipped by Yuan 23/tonne ($3.4/t)
from February 11 to reach Yuan 3,875/t including the 16% VAT as
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Mysteel’s national average benchmark price for HBR 400 20mm dia rebar ran out of stream Friday after rising for three straight days over the post-Chinese New Year week. The price lost Yuan 12/tonne ($1.8/t) on day to reach Yuan 4,009/t including 16% VAT as of February 15.
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Rebar futures prices on the Shanghai Futures Exchange headed down over the first week after Chinese New Year holiday. As of February 15, the most traded rebar contract – that for May delivery – had lost Yuan 155/tonne ($22.9/t) compared with the closing price on February 1, the last trading day before the holiday, to end the daytime session Friday at Yuan 3,599/t.
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Angang Steel Co (Angang), a key producer of flat steel in Northeast China’s Liaoning province, has decided to lift its flats list prices by Yuan 150/tonne ($22/t) for March sales in response to recovering demand from end-users after the Chinese New Year holiday over February 4-8, Mysteel was told on Friday.
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Taishan Steel Group Co, the only sizeable stainless producer in East China’s Shandong province has just started constructing an 800,000 tonnes/year stainless cold rolling mill adjacent to its existing stainless hot-rolling mill in Laiwu district, Jinan city of Shandong, a company official confirmed on Thursday.
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Mysteel’s national average price for HRB400 20mm dia rebar reversed down Yuan 6/tonne ($0.9/t) on day to Yuan 4,021/t including the 16% VAT on Thursday after three days of climb-ups as the domestic market calmed down from the post-holiday optimism when actual demand from downstream users had not seen much improvement and steel stocks at the traders mounted.
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The Tangshan Q235 150mm square billet price, a crucial indicator of China’s steel market sentiment, declined for the second consecutive day as of February 13, down another Yuan 50/tonne ($7.4/t) on day to Yuan 3,430/t EXW including the 16% VAT, as the demand from the downstream re-rollers stayed lacklustre so far.
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Mysteel’s national average HRB 400 20mm dia rebar benchmark price continued its post-holiday increase on February 12 albeit at a slower pace, according to market watchers, with the price being up Yuan 23/tonne ($3.4/t) on day to Yuan 4,022/t including the 16% VAT, which was mainly driven by the remaining healthy market sentiment.
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The daily production of five major carbon steel products among China’s 216 steelmakers under Mysteel’s regular survey is expected to reverse up by 67,000 tonnes/day or 4.1% on month to 1.65 million t/d for February, though the monthly output is to decline amid the nationwide Chinese New Year celebration on February 4-10, Mysteel’s latest release on February 11 showed.
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China’s domestic long steels prices were among the first to have woken up from the Chinese New Year break, with the national average benchmark price for the HRB 400 20mm dia rebar up Yuan 47/tonne ($7/t) from that on February 3 to Yuan 3,999/t including the 16% VAT as of February 11, the first working day after the CNY holiday.
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China’s Tangshan billet price gained Yuan 80/t from February 3 to Yuan 3,510/t ($520.6/t) on the morning of February 11, the first working day after the Chinese New Year holiday, though the finished steel prices remained steady during the Chinese New Year holiday on February 4-8. Mysteel’s latest assessment of the national average HRB 400 20mm dia rebar benchmark price as of February 3 showed that the price had stayed at Yuan 3,952/tonne including 16% VAT for seven consecutive days.
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Over January 28-February 1, iron ore futures on the Dalian Commodity Exchange (DCE) posted forceful jumps in reaction to the market concern on iron ore supply reduction with Vale’s tailings dam collapse on January 25, which also sent strong support to the steel futures prices on the Shanghai Futures Exchange (SHFE), though the latter’s price strengthening was milder in comparison.
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The Purchasing Managers’ Index (PMI) for the local steel industry in North China’s Hebei province improved for the second month in January 2019, up another 3.3 basis points on month to 48, as both the sub-indices of production and new orders grew last month, according to the latest release by the Hebei Metallurgical Industry Association on February 1.
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Stocks of the five major finished steel items among Chinese steel traders in 35 major cities continued to swell for a sixth straight week over January 24-30 to reach an eight-month high of 11.2 million tonnes as of January 30, according to Mysteel’s latest survey. This also represented a climb of 1.3 million tonnes or 12.6% week on week.
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China’s national average benchmark price for HRB 400 20mm dia rebar remained rock-steady at Yuan 3,952/tonne ($581/t) including 16% VAT for the fourth straight day as of January 31, according to Mysteel’s daily price tracker, a phenomenon not seen in recent memory.
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China’s steel prices have taken a rest from any movements in a quiet market on January 30, with the national average price of HRB400 20mm dia rebar hovering at Yuan 3,952/tonne ($589/t) including the 16% VAT for the third consecutive day as of Wednesday, according to Mysteel’s database.
