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China’s domestic steel prices, especially long steel, slid at a breakneck speed on November 20 with Mysteel’s Tangshan Q235 150mm square billet price slumping to a seven-month low of Yuan 3,450/tonne EXW with a Yuan 130/tonne ($4.3/t) in a single day, and the HRB 400 20mm dia rebar price in Shanghai also fell Yuan 100/t day on day to Yuan 4,150/t despite the demand in East China should have been better than in North China. Both prices include the 16% VAT.
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New data from the National Bureau of Statistics (NBS) show China’s production of the four key white goods items continued to enjoy positive growth on-year during January-October. For the country’s flat rolled steel producers and traders however, the upbeat manufacturing figures for home appliances didn’t end their concerns about steel demand and specifically that for cold-rolled and galvanized coil, market watchers said on Tuesday.
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Mysteel’s national average benchmark price for HRB 400 20mm dia rebar continued with the free fall, down another Yuan 83/tonne ($12/t) day on day to Yuan 4,448/t including 16% VAT as of November 19, as “domestic market sentiment in general has turned throughout the whole industrial chain. To be specific, upstream producers were troubled with stocks pile-up amid floppy demand, and steel traders were eager to offload their stocks at lower prices, having no intention to hold onto large volumes of finished steel,” a Shanghai-based market watcher said.
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China’s national average benchmark price for Q235B 3mm hot-rolled coil plunged by a further Yuan 121/tonne ($17.4/t) on week to Yuan 4,015/t including 16% VAT as of November 16. Traders had noted the weakening demand prevalent in the market and so opted to cut their offer prices dramatically, hoping to generate quick sales, market sources explained.
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The price of Q235 billet in Tangshan in North China’s Hebei province, Chinese steel’s bellwether price, continued to soften over the weekend, losing a large Yuan 90/tonne ($13/t) from last Friday’s Yuan 3,640/t to reach Yuan 3,550/t EXW and including the 16% VAT as of November 18.
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Stocks of the five most-consumed carbon steel products held by Chinese steel mills – comprising rebar, wire rod, hot rolled and cold rolled coils and medium plate – continued to accumulate over the week of November 8-14, rising by 4.3% on week to 4.4 million tonnes, according to Mysteel’s latest inventory survey published on November 16.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for January delivery, closed the daytime session at Yuan 3,884/tonne ($599.8/t) on November 16, representing a decline of Yuan 49/t or 1.2% compared with last Friday’s closing price. However, rebar prices in the spot market witnessed a deeper plunge this week.
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Trading volumes for rebars in most Chinese markets showed notable declines on Thursday, weighing down dealer prices again. Mysteel’s national average price of HRB 400 20mm dia rebar continued its uninterrupted run of declines yesterday to reach Yuan 4,546/t ($653/t) including the 16% VAT, down by another Yuan 1/t on day and lower by Yuan 182/tonne since November 2.
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Chinese steel prices continued to fall on Wednesday, but the pace of the decline eased, with Mysteel’s HRB 400 20mm dia rebar benchmark price dipping only Yuan 7/tonne ($1/t) on day to Yuan 4,547/t including the 16% VAT – much slower than the day-on-day tumble of Yuan 20/t on Tuesday.
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Mysteel’s daily price for HRB 400 20mm dia rebar in Shanghai continued its near 3-week slide on Tuesday, dropping by another Yuan 20/tonne ($2.9/t) on day to reach Yuan 4,554/t as of November 13 including 16% VAT.
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Daily production in China of the five main carbon-steel products is seen recovering slightly this month thanks to steelmakers in North China resuming operations after emergency stoppages last month, according to Mysteel’s monthly survey among 216 steelmakers nationwide released on November 12.
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Rebar prices in China sharply decreased on Monday, weighed down by the billet price plunge the same day, which undermined market sentiment and stilled trading activity. Mysteel’s national average price for HRB400 20mm dia rebar declined by Yuan 66/tonne ($9.5/t) from last Friday to reach Yuan 4,574/t including the 16% VAT as of November 12.
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Prices of Chinese hot-rolled coil for home market sale and export continued to drop over the past week, fueling growing pessimism among steel traders as end-user buying continues to taper off, market watchers said on Monday.
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The bellwether price of Chinese steel, that of Q235 billet in Hebei’s Tangshan, continued to weaken over the weekend, losing a large Yuan 140/tonne ($20.1/t) from last Friday’s Yuan 3,800/t to reach Yuan 3,660/t EXW and including the 16% VAT as of November 11. The drop was much larger than Friday’s on-day decrease of Yuan 20/t from Thursday, Mysteel notes.
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Stocks of the five most-consumed carbon steel products held by steelmakers reversed up over November 1-7 after four straight weeks of declines, even though the mills scaled back production during the period, Mysteel’s latest surveys showed on Friday.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for January delivery, ended the afternoon session on November 9 at Yuan 3,933/tonne ($570/t), lower by Yuan 7/t from Thursday afternoon’s settlement price.
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Rebar prices in most areas of China continued to retreat but at a slower pace on Thursday, with Mysteel’s national average benchmark price for HRB 400 20mm rebar dropping to Yuan 4,642/tonne ($667/t) including the 16% VAT, down by another Yuan 22/t on day and by Yuan 86/t since the steady decline began on November 2.
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Mysteel’s national average price for HRB 400 20mm dia rebar retreated for a fourth straight day on Wednesday, falling by a large Yuan 30/tonne ($4.3/t) on day to Yuan 4,665/t including 16% VAT as of November 7, as downstream demand for longs nationwide continued to soften.
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The bellwether price of Chinese steel, Q235 billet price in Hebei’s Tangshan, continued weakening Tuesday, losing Yuan 40/tonne ($5.8/t) on day to Yuan 3,850/t EXW and including the 16% VAT on November 6.
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China’s rebar price decreased for a second consecutive day on Monday, with Mysteel’s national average price for HRB400 20mm dia rebar declining another Yuan 12/tonne ($1.7/t) from last Friday to Yuan 4,710/t including the 16% VAT as of November 5, after hitting a new high for the year of Yuan 4,728/t on November 1.
