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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey reversed down by 1.1% on week over February 18-24 after mounting for the seven prior weeks, as many traders and end-users had returned to the market to replenish their inventories after the Chinese New Year holiday.
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Electric-arc-furnace (EAF) steelmakers across China are resuming operations this week following last week’s Chinese New Year break, as the profit margins they can earn on their steel are increasing, thanks to bullish market sentiment and firming demand from end-users, market sources commented Wednesday.
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China’s rebar output from the 137 sampled mills totaled 3.09 million tonnes/week over February 4-17, or down for the sixth week by 130,700 tonnes or 4.1% from that over January 28-February 3, though it was still rather high, as most re-rollers and electric-arc-furnace (EAF) mills had halted operations for the Chinese New Year (CNY) holiday over February 11-17, according to Mysteel’s latest survey.
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China’s export offering prices of finished steel including the hot-rolled coil (HRC) and rebar rebounded by $15-25/tonne in the first couple of days after China has been back to work from the Chinese New Year (CNY) holiday over February 11-17, having borrowed support from the higher global steel prices and the rising raw material costs, according to Mysteel’s latest assessment.
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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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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey grew by a sharp 46.1% over February 4-17, according to Mysteel’s latest weekly survey. Inventories swelled because consumption among end-users stagnated during the Chinese New Year (CNY) holiday over February 11-17 while steelmakers continued to produce during the break.
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Below are
summaries of the key ferrous data release schedule during the Chinese New Year
holiday over Feb 11-17.
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Global steel export prices continued trending in different directions last week, with prices in Europe and US strengthening further, while those in Asia stayed weak, with trading activity quietening ahead of Chinese New Year (CNY) celebrations in many countries, according to Mysteel’s latest weekly survey.
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China’s rebar output from the 137 sampled steel mills including both the integrated mills and re-rollers declined for the fifth week over January 28-February 3, down 117,200 tonnes or 3.5% to 3.22 million tonnes, as more mills have commenced maintenance on their rolling lines with the Chinese New Year (CNY) holiday just around the corner, Mysteel’s latest survey 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 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 continued to climb over January 28-February 3, reflecting cooling sales activity in the domestic market ahead of next week’s Chinese New Year holiday, according to Mysteel’s latest weekly survey.
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China’s steel exports have been slowing down recently, with both the inquires and new bookings from the overseas buyers shrinking, as global steel prices with longs in particular, have plunged while the Chinese steel mills have refused to give in on prices too much due to the persistently high production costs, market sources shared on Wednesday.
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China’s rebar output from the 137 sampled steelmakers including both the integrated mills and re-rollers declined for the fourth week over January 21-27, down 108,500 tonnes or 3.2% to 3.34 million tonnes, as more mills had commenced maintenance on their facilities on thinning margins and weakening demand with two weeks away from the Chinese New Year (CNY) holiday over February 11-17, Mysteel’s latest survey 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 market participants.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills monitored regularly by Mysteel grew faster over January 21-27 as demand from end-users weakened further with the upcoming Chinese New Year holiday over February 11-17, Mysteel’s latest weekly survey showed.
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Baoshan Iron & Steel Co (Baoshan Steel), the listed arm of China’s top steel producer - China Baowu Steel Group - announced to roll over its list prices of the carbon steel hot-rolled coil (HRC) for domestic sales in March, according to its pricing policy on January 25, as demand has shown signs of weakening ahead of the Chinese New Year (CNY) holiday but production cost has persisted high.
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Rebar output among China’s 137 steelmakers remained overall high at 3.45 million tonnes over January 14-20, as the production had been inching down in the past three weeks with the latest weekly drop at 8,500 tonnes or 0.3%, according to Mysteel’s latest weekly survey, suggesting that more maintenance on rolling lines in reaction to the softening demand in the last three weeks of the Chinese New Year (CNY) holiday.
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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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Stocks of the five major finished steel products held by the 184 Chinese steel mills monitored regularly by Mysteel continued to grow over January 14-20 due to the fall in consumption among end-users, according to Mysteel’s latest weekly survey.
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Shagang Group, China’s largest privately-owned steelmaker and rebar supplier headquartered in East China’s Jiangsu province, has rolled over its rebar list prices for the sales over January 21-31 after three rounds of price increases for its ten-day pricing policy, Mysteel Global noted from its releases.
