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The national average benchmark price for HRB 400 20mm dia rebar remained unchanged from the previous day at Yuan 4,059/tonne ($588/t) including 13% VAT as of June 26, after having achieved a five-day rise, and Tangshan Q235 150mm square billet price remained unchanged too at Yuan 3,600/t EXW and including 13% VAT.
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China’s steel prices, including rebar and Tangshan billet, continued with the increase as the market is still under the strong influence of the latest round of restriction among the Tangshan steel mills starting as early as on June 23 on some facilities and more concrete information has been circulated in the market.
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Chinese domestic hot-rolled coil price decreased further by Yuan 40/tonne ($5.8/t) or about 1% on week over June 17-21 on the further built-up in stocks while the remaining high output, though the price may stand a chance of recovery on the latest restriction among steel mills in Tangshan, North China’s Hebei province until the end of July.
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China’s national rebar prices and the Tangshan billet price, both being the barometers of the Chinese steel market sentiment, gained substantially on June 24, in response to Tangshan’s new round and stricter curbing on the local mills’ sintering, blast furnaces, converters, and lime kilns until end of July to battle against local air pollution.
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The Tangshan Q235 150mm billet benchmark price, a key indicator of China’s steel market sentiment especially for North China, gained strongly by Yuan 70/tonne ($10.2/t) over the weekend toYuan 3,530/t EXW and including the 13% VAT as of June 23 mainly on the latest news that the local authorities have kick started a new round of curbing on local steel mills on air quality concerns.
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China’s national average benchmark price for HRB 400 20mm dia rebar posted another modest increase for the second straight day, up Yuan 7/tonne ($1/t) on day to Yuan 3,983/t including 13% VAT as of June 20, but the near-term market outlook remains challenging.
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China’s rebar price reversed up on June 19, though trading volume subsided, as suppliers were attempting to hold onto prices given the further incline in production cost, Mysteel Global learned.
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The volume of new ship orders received by China’s shipbuilders during the first five months of this year continued to decline given the global shipping market recession, plunging by 40% on year to 11.73 million dead weight tons (dwt), according to the latest release by the China Association of the National Shipbuilding Industry (CANSI) on June 19.
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China’s domestic steel market displayed further signs of weakening on Tuesday, with the national average HRB 400 20mm dia rebar benchmark price slid down further by Yuan 17/tonne ($2.5/t) on day to Yuan 3,969/t including the 13% VAT as of June 18, though the decline was milder against the Yuan 50/t loss on Monday, or the steepest single-day loss in six months.
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Chinese domestic hot-rolled coil prices continued to lose ground during the week of June 10-14, with HRC prices in East China witnessing a steeper decline than those in other major consuming regions in China, mainly as local traders reacted to the arrival of hot coils from North China, Mysteel Global has learned.
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Mysteel’s national average HRB 400 20mm dia rebar benchmark price plummeted by Yuan 50/tonne ($7.2/t) on Monday to Yuan 3,986/t including the 13% VAT, falling below the threshold of Yuan 4,000/t and marking the largest single-day decline in six months. Many market insiders admitted the plunge was “beyond expectations”.
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China’s rebar output remained robust last week, with production reaching a new high as steelmakers scrambled to have product available for domestic sale while profit margins remained reasonably high, Mysteel Global notes.
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China’s daily output of the five most popular carbon steel items is expected to increase further this month, rising by 70,000 tonnes/day or about 4% on month to 1.83 million t/d, according to Mysteel’s latest monthly production survey among 216 steelmakers across China published last Friday. The five majors comprise rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate.
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The price of Q235 150mm square billet in Tangshan, a crucial indicator of China’s steel market, reversed down substantially during the weekend after a slight rebound on Friday, slumping by Yuan 80/tonne ($2.3/t) to Yuan 3,430/t EXW and including the 13% VAT as of June 16.
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Stocks of the five major finished steel items at Chinese traders and steel mills increased over the period of June 6-12, with the traders’ stocks even seeing their first rise since the Chinese New Year holiday back in February, Mysteel has learned. Stocks mounted mainly because overall steel production stayed high while demand retreated due to the Wet season rains falling across much of China, industry watchers said.
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The most traded October rebar contract on Shanghai Futures Exchanges closed the daytime session on June 14 at Yuan 3,755/tonne ($542/t), an increase of Yuan 42/t from the settlement prices on June 6, Mysteel Global noted.
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Mysteel’s national average price for HRB400 20mm dia rebar reversed down Yuan 17/tonne ($2.5/t) on day to Yuan 4,044/t including the 13% VAT as of June 13, and the trading enthusiasm stayed sluggish despite a minor recovery.
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China’s sales of excavators and other heavy equipment in May lost 2.2% on year or 33.5% on month to reach 18,897 units, their first decline this year, according to the latest survey of the China Construction Machinery Association (CCMA) released on June 13. Market insiders attributed the decline to a correction following the surge in sales seen over the past few months.
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Production and sales of automobiles in China declined further in May, with output plunging by 9.9% on month or 21.2% on year to reach 1.85 million units, according to the latest data from China Association of Automobile Manufacturers (CAAM) released on June 12.
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China’s national average benchmark price for HRB 400 20mm dia rebar yesterday lost the upwards momentum seen Tuesday to rise by just Yuan 3/tonne ($0.4/t) on day to Yuan 4,061/t including 13% VAT. Market watchers blamed the drastic falloff in sales for the slower rise in prices.
