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China’ steel mills and traders have renewed their interest in exporting, lured by the far higher global steel prices that are more than sufficient to cover the difference now that Beijing has removed tax rebates on most of the commercial-grade steel exports since May 1, market sources shared on May 8, a make-up working day in China after the Labour Day holiday over May 1-5.
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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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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey saw some accumulation over April 29-May 5 as consumption among end-users decreased because of the Labour Day holiday over May 1-5.
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Firm demand from steel users led stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey to slip for the tenth week over April 22-28 to a three-month low of 6.4 million tonnes.
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Uncertainties loitering in the steel markets in and out of China have finally been settled when Beijing announced all the related foreign trade policies regarding ferrous products including imports and exports taxes and tax rebates with many being very much within market expectation, though stainless steel has been caught the market by surprise, market sources shared on April 29.
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The steady climb in Chinese steel export prices which began after Chinese New Year in late February continued last week, and export sales, especially those of hot-rolled coil (HRC), regained their pace even though the issue of the rebate cuts remains undecided, according to Mysteel’s latest report.
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Rebar production among China’s 137 steel mills including integrated mills and re-rollers under Mysteel’s weekly survey grew for the fifth straight week over April 15-21, inching up 0.7% or 26,100 tonnes on week to 3.61 million tonnes, in the context of the remaining firm domestic demand and high steel margins.
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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. April 25 is a make-up working day in China ahead of the Labour Day holiday over May 1-5.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey continued to empty over April 15-21 as demand from end-users remained steady during the peak season for steel consumption.
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The pickup in Chinese steel export prices which began after the Chinese New Year holiday in late February continued last week, partly because the issue of a possible cut in export tax rebates on steel remains be clarified. As a consequence, Chinese steel suppliers have adopted different strategies to cope with the policy uncertainties, Mysteel Global understands.
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Rebar output among the 137 Chinese steel mills under Mysteel’s tracking including integrated mills and re-rollers increased for the fourth week over April 8-14, inching up by 0.4% or 13,800 tonnes on week to 3.58 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 market participants.
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The most-traded rebar contract on the Shanghai Futures Exchange for October delivery finished this week Yuan 30/tonne ($4.6/t) ahead at Yuan 5,116/t when the daytime trading session ended on April 16. The prices had been fluctuating between Yuan 4,900/t and Yuan 5,200/t since last week, SHFE data show.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey slipped for the eighth week over April 8-14, a sign of the steady consumption that steel users are maintaining.
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The stocks of finished steel held by Chinese traders sampled by Mysteel declined by another 1.5 million tonnes on week over April 9-15 amid steady steel demand and despite steel prices still hovering high, Mysteel Global noted.
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Chinese steel mills have gradually resumed offering for export, in the absence of a definite statement from the central government regarding possible cuts to steel export tax rebates. Nonetheless, savvy Chinese shippers are factoring in possible changes when providing offers or formulating contracts, market sources indicated on April 14.
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China’s prices of hot-rolled coil have been hovering high since last week thanks to steady demand from end-users, with Mysteel’s assessment for Q235 4.75mm HRC reaching Yuan 5,593/tonne ($854/t) including the 13% VAT as of April 9, up Yuan 87/t on week.
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Baoshan Iron & Steel Co (Baoshan Steel), the listed-arm of China’s top steel producer China Baowu Steel Group, has decided to raise its carbon steel hot-rolled coil (HRC) list price by another Yuan 400/tonne ($61/t) for May sales, or for the second month, which has been within market expectation as the domestic demand is expected to stay firm, Mysteel Global noted.
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Rebar output among China’s 137 steel producers under Mysteel’s survey including both the integrated mills and re-rollers grew for the third week by 1.1% on week to 3.57 million tonnes in total over April 1-7, with the added tonnage from Liaoning, Hunan, and Jiangsu provinces in Northeast, Central, and East China, as domestic demand for long steel had been rather robust and prices surged.
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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.
