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Rebar production among China’s 137 integrated mills and re-rollers regularly tracked by Mysteel declined over July 15-21, falling by 5.5% or 195,000 tonnes on week to settle at 3.35 million tonnes, according to the latest weekly survey.
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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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China’s national price of HRB400E 20mm dia rebar assessed by Mysteel reversed up Yuan 45/tonne ($6.9/t) on day to Yuan 5,387/t including the 13% VAT as of July 23, as more provinces had requested local steel mills to reduce their crude steel production for the remainder of this year, which had lent support to domestic steel prices on probably less supply.
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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 third week over July 15-21, shrinking by another 2.3% on week, as mills’ finished steel output retreated from the increase in maintenance shutdowns during that period.
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Already lashed by heavy rains and flooding since Wednesday which have so far claimed 33 lives, Henan province in central China is bracing for more. The disruptions to manufacturing industries continue, Mysteel’s latest survey has found, with the local metallurgical community including steelmakers, raw materials suppliers and metal makers further halting their operations to avoid risks to safety.
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Chinese steel producers showed less interest in exporting steel last week amid mounting concerns that the central government may impose new export taxes, according to Mysteel’s latest weekly report. In the meantime, they opted to raise export prices by a large degree.
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Rebar production among the 137 Chinese steelmakers including integrated mills and re-rollers regularly tracked by Mysteel rebounded over July 8-14 after three weeks of declines, rising by nearly 3% or 102,100 tonnes on week to reach 3.55 million tonnes, the weekly report showed.
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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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China’s national HRB400E 20mm dia rebar price, the indicator of China’s steel market performance, nudged up another Yuan 9/tonne ($1.4/t) on day to Yuan 5,276/t including the 13% VAT as of July 16, refreshing a nearly two-month high even though trading remained rangebound, indicating that market sentiment had been largely steady in the low steel consumption season.
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Stocks of the five major finished steel products at the 184 Chinese steel mills under Mysteel’s weekly survey continued to empty over July 8-14, falling for the second week to 6.3 million tonnes. Behind the dip in mill stocks was the deliveries of some stocks mills had made to traders’ warehouses during the survey period.
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China’s domestic steel scrap will probably remain strong for the second half of 2021, as the tight supply-demand balance in the market will persist, according to Mysteel’s near-term market outlook.
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China’s steel export volume remained low over the week of July 3-9, mainly due to weak demand in the countries of ASEAN, the largest buyers of Chinese steel, according to Mysteel’s latest weekly report. The low prices in ASEAN were also responsible for China’s steel imports to pick up over the same period.
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Rebar production among the 137 Chinese steelmakers including integrated mills and re-rollers regularly tracked by Mysteel dropped for the third week over July 1-7, slipping by 2.3% or 81,200 tonnes on week to reach 3.44 million tonnes, according to the weekly survey. However, output declined at a slower pace compared with the 6.6% fall a week earlier. Last week, operations at many mills had returned to normal after celebrations in Beijing on July 1, as reported.
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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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The Tangshan Q235 150mm square billet in North China’s Hebei province under Mysteel’s assessment surged by Yuan 110/tonne ($17/t) from last Friday to Yuan 5,130/t EXW including the VAT as of July 11, or the highest since May 21 thanks to the better sentiment in domestic market.
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Stocks of the five major finished steel products at the 184 Chinese steel mills under Mysteel’s weekly survey reversed down by 2.6% on week over July 1-7, thanks to the improvement in demand and lower steel output. Mill stocks had risen during each of the four prior weeks.
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Domestic coking coal prices in China have been steadily trending upward since mid-June, with Mysteel’s national composite coking coal price gaining Yuan 338.8/tonne ($52.3/t) on month to reach Yuan 1,714.7/t and including the 13% VAT as of July 7 – a new high since Mysteel launched this assessment in April 2018.
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After rising for the three prior months, steel scrap utilization in the crude steel produced by the 211 Chinese steel mills sampled in Mysteel’s regular survey shrank in June, reversing down by an albeit in tiny 0.29 percentage point from May to 26.84% on average. The survey samples integrated and electric-arc-furnace (EAF) producers, as well as those mills using both blast furnace (BF) and EAF technologies.
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Chinese steel export prices and trade both remain weak last week, with the price of China-origin hot rolled coil falling for the seventh week in a row. Market sources blamed the outflow of low-priced Russian steel products for the downward pressure on prices.
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Rebar production among the 137 Chinese steelmakers including integrated mills and re-rollers that Mysteel samples declined for the second week over June 24-30 though at a faster pace, the latest weekly survey showed. Output among the surveyed mills fell 6.6% or 248,200 tonnes on week to reach 3.53 million tonnes.
