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The price of Q235 150mm square billet in Tangshan city, a crucial indicator of China’s steel market outlook, slipped for a third straight day on Thursday, declining by a further Yuan 30/tonne ($4.5/t) on day to Yuan 3,510/t EXW including the 13% VAT as of April 18.
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Mysteel’s national HRB 400 20mm rebar benchmark price softened by Yuan 7/tonne ($1.1/t) on day to Yuan 4,238/t on delivery and including the 13% VAT as of April 17 after a strong surge in the previous day, while the spot demand remained rather stable.
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China’s steel market sources shared the concern of Liu Zhenjiang, the secretary general of China Iron & Steel Association (CISA), that the continuing increase in steel supply may tilt the balance in the domestic steel market, thus pressuring the domestic steel prices in the coming months.
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Mysteel’s national average price for HRB400 20mm dia rebar increased Yuan 16/tonne ($2.4/t) on day to Yuan 4,245/t including the 13% VAT as of April 16 amid the remaining firm downstream demand and the remaining high steel production costs, though the spot trading of long steel subsided on Tuesday.
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China’s hot-rolled coil production stayed firm over the week to April 12, yet stocks of HRC held by mills and traders continued to thin thanks to the recovery of demand, Mysteel data shows. As a result, HRC prices strengthened in parallel.
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China’s national average benchmark price for HRB 400 20mm dia rebar resumed the climb-up on April 15 after having taken a pause for the previous four working days, gaining Yuan 33/tonne ($4.9/t) from last Friday to Yuan 4,229/t including 13% VAT, as demand from the downstream users has stayed strong and the supply will probably be curtailed to some degree in April, Mysteel Global understands.
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Mysteel’s Q235 150mm square Tangshan billet benchmark price, the weathervane of China’s steel market, is approaching its five-month high with a gain of Yuan 20/tonne ($3/t) over the weekend to Yuan 3,570/t EXW and including the 13% VAT as of April 14, thanks to demand revival from local steel re-rollers.
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Stocks of the five major finished steel items at both mills and traders declined over the week of April 4-10 despite the high levels of production, mainly thanks to strong downstream demand encouraged by market optimism and pleasant weather, Mysteel Global notes.
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China’s 2019 average steel price may soften but moderately on possible higher supplies, as steady or potential modest rises in demand will help absorb some added production, speakers told delegates on April 11 at the 2019 China Coal Market Annual Conference & Global Seaborne Coal Market Summit in Shanghai.
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Mysteel’s national average price for HRB400 20mm dia rebar has been persisting at the level close to Yuan 4,200/tonne ($/t) for the third consecutive day, down merely Yuan 1/tonne on day to Yuan 4,196/t including the 13% VAT as of April 11, as near-term market outlook stayed positive and downstream demand remained firm.
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Mysteel’s national HRB 400 20mm dia rebar benchmark, the representative price of Chinese steel market, paused for a breath after a continuing climb-up since the start of April, down Yuan 1/tonne ($0.1/t) on day to Yuan 4,197/t including the 13% VAT as of April 10.
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Baoshan Iron & Steel (Baoshan Steel), the listed-arm of China Baowu Steel Group, opted to roll over its list price for carbon steel hot-rolled coil for May supplies from each of its three HRC works, according to the company’s latest pricing policy released via its official Wechat account on April 10.
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China’s national average benchmark price for HRB 400 20mm dia rebar kept its upward momentum since the start of April, up another Yuan 36/tonne ($5.4/t) on day to Yuan 4,198/t including 13% VAT as of April 9, and the market demand remained healthy, Mysteel understands.
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Chinese steel mills saw the margins in all their major finished product sales recovered in March, and rebar, unsurprisingly, remained in the leading position with an average profit of Yuan 322/tonne ($48/t) for March, according to Mysteel’s latest survey.
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Mysteel’s national average price of HRB400 20mm dia rebar increased continuously for the fifth working day as of April 8, up substantially by Yuan 50/tonne ($7.4/t) from last Thursday to Yuan 4,162/t including the 13% VAT, or the highest since November 23 2018.
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Chinese domestic hot-rolled coil prices have increased of late, thanks to an improvement in sales and the decline in stocks, with Mysteel’s national average price for Q235 3mm HRC gaining Yuan 44/tonne ($6.6/t) from March 29 to reach Yuan 4,033/t including the 13% VAT as of April 4 – the highest price since last November 13.
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The price of Tangshan Q235 150mm square billet reversed up Yuan 20/tonne ($3/t) over April 5-7 to Yuan 3,470/t EXW and including the 13% VAT as of April 7, and market participants attributed the modest rise to the strong performance in finished steel especially long and the further improvement in the market sentiment.
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Chinese steel stocks at traders and mills fell at a faster pace over March 28-April 3 thanks to surging demand nationwide and despite rising output over the survey period, Mysteel latest survey showed on Friday.
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Price of the most traded rebar contract on the Shanghai Futures Exchange for October delivery witnessed remarkable increases this week, with the price gaining some Yuan 162/tonne ($24/t) from the settlement price last Friday to end the daytime session on April 4 at Yuan 3,594/t. Trading will cease on the SHFE Friday for China’s Tomb Sweeping Day national holiday, Mysteel notes.
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Despite the seemingly sprouting development in the Chinese steel market recently, the concern persists that the country’s steel producers will be in far less desired environment this year with the downward pressure hanging amid the rises in supplies, production costs and the possibility of demand slumps on the other hand.
