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Chinese shipbuilders received 19.5 million dead weight tonnes (dwt) of new vessel orders during this year’s January-September period, down 27.4% on year, according to the latest statistics from China Association of the National Shipbuilding Industry (CANSI) published on October 16. However, the margin of decline was much smaller than the on-year decrease seen over the first eight months of nearly 38%, Mysteel Global noted.
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Mysteel’s national average HRB400 20mm dia rebar benchmark fell for the second day on October 16, down another Yuan 17/tonne ($2.4/t) on day to Yuan 3,869/t including the 13% VAT, and the trading activity was slack on Wednesday with buyers hesitating to book tonnage amid a bearish outlook.
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Daily output among Chinese steelmakers of the five major carbon steel items is expected to recover slightly this month, gaining by 13,000 tonnes/day or higher by a tiny 1% on month to 1.72 million t/d on average, according to Mysteel’s latest monthly production survey among 216 steelmakers across China released on October 15.
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Mysteel’s national average price for HRB400 20mm dia rebar reversed down on October 15 by Yuan 18/tonne ($2.5/t) on day to Yuan 3,886/t including the 13% VAT, and the spot steel trading eased further amid the persistent market uncertainties.
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China’s auto sales over the first nine months of 2019 decreased 10.3% on year to 18.4 million units, and auto production declined 11.4% on year to 18.1 million units, according to the latest statistics from the China Association of Automobile Manufacturers (CAAM) on October 14.
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China’s national average price for HRB400 20mm dia rebar maintained largely stable at Yuan 3,904/tonne ($550/t) including the 13% VAT as of October 14, up merely Yuan 4/t from October 12, a make-up working day after the National Day holiday, and the daily construction steel trading hovered at its threshold of around 200,000 tonnes/day on Monday.
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China exported some 50.3 million tonnes of steel over the first nine months of 2019, down 5% on year, according to the latest data released by China’s General Administration of Customs (GACC) on October 14. The decline was more substantial than the 4.4% fall on year seen over the first eight months, Mysteel Global noted.
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Domestic rebar output among the 137 long product steelmakers across China that Mysteel tracks regularly reached 3.4 million tonnes over October 3-9 for a 9% on-week rebound, compared to the 11% on-week decline observed during the prior week, according to Mysteel’s latest survey.
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China’s national average price for Q235 3mm HRC declined Yuan 28/tonne ($4/t) from October 8 to Yuan 3,759/t including the 13% VAT as of October 11, as the concern on a possible supply worsened amid the rebound in output in the near term while rather stable demand, market source shared.
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China’s national average benchmark price for HRB 400 20mm dia rebar was assessed at Yuan 3,900/tonne ($549/t) on October 12, a make-up working day in China after the one-week National Day holiday on October 1-7, up by a miniscule Yuan 1/t on day, though long steel sales rebounded last Saturday, according to Mysteel’s database.
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Steel inventories at both traders and steel mills reversed down over October 9-10 after increasing markedly during China’s National Day holiday over October 1-7, according to Mysteel’s latest survey published on October 11. The stock levels thinned mainly because traders and end-users returned to the market after the holidays with renewed vigour for buying, but market sources remain concerned about stock digestion in the future.
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The most-traded January rebar contract on the Shanghai Futures Exchange dipped by a total of Yuan 63/tonne ($8.9/t) on week, closing at Yuan 3,407/t by the end of daytime trading of last Friday, as the futures market sentiment had been weighed down by prevalent concern upon the growing supply in the coming months, though spot market seemed to have been holding some positive signs.
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Baoshan Iron & Steel (Baoshan Steel), the listed-arm of China Baowu Steel Group, is raising its list prices for carbon steel hot-rolled coils for domestic sales during November by up to Yuan 100/tonne ($14/t) depending on grade, according to a release the company posted on its official Wechat site on Thursday evening.
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China’s national average HRB 400 20mm rebar benchmark price decreased another Yuan 8/tonne ($1.1/t) on day to Yuan 3,915/t including the 13% VAT as of October 11, and trading also receded more together with the price softening.
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Both the billet and rebar prices in China reversed down on October 9, as the buying interest in the domestic steel market slowed down and market sentiment was dampened on noting the swelling steel stocks both at the traders and steel mills over the National Day holiday on October 1-7, Mysteel Global noted.
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The most-traded January rebar contract on the Shanghai Futures Exchange (SHFE) had been falling since China’s return from the National Day holiday on October 8, down a total of Yuan 95/t from the settlement price of September 30 in two days and closed the Wednesday day-time trading session lower at Yuan 3,413/tonne ($480/t) on the renewed concern on probable supply increases.
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Steel inventories at both traders and steel mills increased markedly during China’s National Day holiday over October 1-7, as the gradual recovery in steel production continued while steel trading activity was almost stagnant, new Mysteel data show.
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Production of rebars among the 137 Chinese steelmakers Mysteel tracks regularly plunged by 11% on week to 3.1 million tonnes during September 26-October 2, the lowest level since February 14-20, according to Mysteel’s latest weekly study. Survey respondents cited the major curtailments of steel output nationwide late last month as the chief cause of the drop.
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China’s national average price for HRB 400 20mm dia rebar hit its nearly two-month high of Yuan 3,929/tonne ($553/t) and including the 13% VAT on October 8, the first working day after China’s National Day holiday over October 1-7, or up Yuan 8/t from September 30, and spot sales were robust.
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The period spanning August 26-September 25 saw the profit margins on rebar among the 91 sampled integrated steelmakers under Mysteel’s monthly survey average Yuan 249/tonne ($35/t), up by Yuan 189/t on month, according to Mysteel’s latest monthly report.
