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China’s domestic steel market remained generally stable on Tuesday, with Mysteel’s HRB 400 20mm dia rebar benchmark price gaining a small Yuan 6/tonne ($0.9/tonne) on day to Yuan 4,616/tonne including the 16% VAT. The central government’s latest response to Washington’s looming tariff slap on $200 billion worth of Chinese goods
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Chinese domestic
prices of medium plate have remained stable for the past few days, with
Mysteel’s national average benchmark price for 20mm Q235 medium plate still unchanged
at Yuan 4,498/tonne ($661/t) including the 16% VAT as of September 17,
according to Mysteel’s database.
By comparison
with the market for rebars, that for medium plates appears
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China’s national average HRB 400
20mm dia rebar benchmark price continued to grow on Monday, though at a slower
pace, up another Yuan 30/tonne ($4.4/t) from last Friday to Yuan 4,610/t
including the 16% VAT on September 17.
Across the country, the rebar price
in Fuzhou, South China’s Fujian province increased the most by Yuan
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Billet stocks in North China’s Tangshan thinned rapidly during the week of September 8-14, mainly because steel re-rollers stepped up procurement of the semis as market prices had retreated while orders from users were picking up, according to market sources on Monday.
Over September 7-13, billet inventories at two ports in
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China’s national
average benchmark price for Q235B 4.75mm hot-rolled coil fell Yuan 31/tonne
($4.6/t) on week to Yuan 4,357/t including the 16% VAT as of September 14,
Mysteel’s latest weekly survey showed.
Pessimism weighed
on the market last week, a mood dampened by the spread of market rumors
suggesting steel mills among the "2+26” cities will
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Chinese steel traders were of two minds in stocking up long finished steel as the domestic steel prices had been under the spell of the wrestling between bullish and factors in the domestic steel market, market sources shared on September 17.
Mysteel’s national average benchmark price for HRB 400 20mm dia
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Stocks of the five major finished
steel products at the Chinese traders remaining largely unchanged while those
at the mills went down by 1.2% on week for the second week of September and
market trading enthusiasm stayed lukewarm, Mysteel understands from market
sources last Friday.
Over September 6-12, steel
inventories of the five mainstream steel products
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China’s national average HRB 400 20mm dia rebar benchmark price strengthened for the third consecutive days as of September 14, up another Yuan 14/tonne ($2/t) on day to Yuan 4,580/t including the 16% VAT, mainly because of signs of better demand from downstream consumers, Mysteel notes.
Last Friday, the trading volume
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The
three-day slide in China’s rebar price ended on Thursday with Mysteel’s
national average HRB 400 20mm rebar benchmark price finally rising though only
up Yuan 1/tonne ($0.1/t) on day to Yuan 4,566/t including the 16% VAT, mainly
in reaction to the signs of firming in the Tangshan billet price, according to
market sources.
The Tangshan
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China’s daily output of the five key carbon-steel products comprising rebar, wire rod, medium plate, and hot-rolled, and cold-rolled coils is expected to climb furtherthis month, according to Mysteel’s monthly survey among 216 steelmakers nationwide released on September12.Daily output of the five could jump by as much as 77,000 tonnes/day
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Mysteel’s national average price for HRB400 20mm dia
rebar declined for the second day as ofSeptember 12, down
anotherYuan 45/tonne ($6.6/t) day on day to Yuan 4,565/t including the
16% VAT, as the spot physical market remained cautious amid recent price
fluctuation.
The daily trading volume of construction steel including
rebar and wire rod among the
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Mysteel’s Tangshan Q235 billet pricereceded on Tuesday after touching the previous high at Yuan 4,110/tonne on Monday, losing Yuan 60/tonne ($8.7/t) or 1.5% on day to Yuan 4,050/t EXW including the 16% VAT on September 11 partly as market reacted strongly to a misreport that the Chinese government may remove
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Chinese blast furnace steelmakers earned higher profits producing rebar in August compared with July, thanks to the climb in price of the long product last month which saw rebars repeatedly refresh the intra-year record. This is based on the findings of Mysteel’s latest production study of 101 steel firms nationwide
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Mysteel’s national average benchmark price for HRB 400 20mm dia rebar climbed for the third straight day and up by another Yuan 60/tonne ($8.8/t) on day to Yuan 4,622/t as of September 10, just being inches away from the year’s high at Yuan 4,632/t on August 22, both including the
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China’s national
average benchmark price for Q235B 4.75 mm hot rolled coil increased by Yuan
20/tonne ($2.9/t) on week to Yuan 4,388/t including the 17% VAT as of September
7, Mysteel’s latest weekly survey showed. Respondents said sales were showing
some improvement while stocks were dwindling.
Meanwhile, over
the week, export offer prices for SS400
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New rounds of capacity curtailments on Chinese
steelmakers are affecting output of rebars, the country’s
dominant carbon steel product. Production of these longs during the week of
August 31-September 5 reversed down 2.7% or 89,500 tonnes over the week to 3.2
million tonnes after expanding for two straight weeks, according to Mysteel’s latest production
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Mysteel’s Tangshan Q235 billet benchmark price jumped Yuan 70/tonne ($10.2/t) in total from last Friday to Yuan 4,100/tonne EXW and including the 16% VAT, or just Yuan 10/t short of the multi-year high on August 20, mainly as the concurrent curbs on the local mills.
The price had been on rise
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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 – thinned slightly over the past week, falling by
a tiny 0.5% on week to 4.3 million tonnes as of September 5, according to
Mysteel’s latest inventory
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Rising transaction volumes of construction steel and the climb in billet prices propped up the rebar futures price on the Shanghai Futures Exchange on Friday, market sources said. Behind the increase too was the declining stocks of the long product among traders and mills, they said.
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Mysteel’s national average price for HRB400 20mm dia rebar rebounded again on September 6 after a small dip on Wednesday, though being up merely Yuan 8/tonne ($1.2/t) day on day to Yuan 4,516/t including the 16% VAT, as market sentiment improved moderately on the latest decline in steel stocks with the traders and the growing optimism upon better demand.
