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Chinese steel prices continued to decline last Friday but steel trade, especially in East China, rebounded after the continuous price falls. Mysteel’s national average HRB400 20mm dia rebar benchmark price fell for a fourth consecutive day, losing another Yuan 25/tonne ($3.5/t) on day to Yuan 3,843/t including the 13% VAT as of September 20.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for deliveries in January 2020, lost another Yuan 59/tonne on September 20 from the previous day’s settlement price or by a total of Yuan 161/t on week over the September 12-20 week to end the daytime trading session at Yuan 3,388/t.
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The national average benchmark price of HRB400 20mm dia rebar decreased for a third successive day on Thursday but at the faster pace of Yuan 24/tonne ($3.4/t) on day to Yuan 3,868/t including the 13% VAT as of September 19.
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China’s national average price of HRB400 20mm dia rebar remained largely unchanged on September 17 at Yuan 3,900/tonne ($550/t) including the 13% VAT, lower by a mere Yuan 1/t day on day, mainly because downstream users had slowed their pace of buying after their energetic replenishment on Monday.
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The benchmark price of Q235 150mm square billet in Tangshan, one of the key indicators of China’s steel market sentiment, continued to climb last week but only by a mild Yuan 10/tonne ($1.4/t) on week to Yuan 3,370/t EXW and including the 13% VAT as of September 12, as demand from local steel re-rollers remained firm over the week.
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Chinese steel prices continued to gain ground on Monday, reflecting brisk trading activity. Mysteel’s national HRB400 20mm dia rebar benchmark increased by another Yuan 17/tonne ($2.4/t) from last Thursday to Yuan 3,901/t including the 13% VAT as of September 16, returning to early-August price levels. Last Friday was a holiday for China’s Mid-Autumn Festival.
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Stocks of the five major finished steel items at Chinese traders and steel mills declined further during the week of September 5-11, mainly due to the fact that actual demand witnessed increases as downstream consumers showed stronger intention for making procurement, Mysteel Global learned from the market.
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The Tangshan Q235 150mm square billet price, a major indicator of China’s steel market sentiment, gained Yuan 10/tonne ($1.4/t) over September 13-15 to reach Yuan 3,380/t EXW and including the 13% VAT as of September 15, still hovering at this year’s low.
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China’s auto sales were still under downward pressure over January-August, though the year-on-year decline narrowed to 11% on year as against the 11.4% for the first seven months, Mysteel Global noted from the latest statistics from the China Association of Automobile Manufacturers (CAAM) on September 11.
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China’s national average price of HRB400 20mm dia rebar, after continuing climb-ups of nine working days, retreated on Wednesday by Yuan 4/tonne ($0.6/t) on day to Yuan 3,881/t including the 13% VAT, while spot trading remained largely steady as traders were willing to give in on prices moderately for sales.
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China’s national HRB400 20mm dia rebar benchmark price had been on an uptrend for nine consecutive working days as of September 10, up another Yuan 22/tonne ($3.1/t) on day to Yuan 3,885/t including the 13% VAT, or back to its early August level.
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Mysteel’s national average benchmark price for the HRB400 20mm dia rebar marched up by another Yuan 21/tonne ($3/t) from last Friday to Yuan 3,863/t and including the 13% VAT as of September 9, after a short pause last Friday with merely a rise of Yuan 1/t, and spot trading of construction steel surged to its five-month high too, indicating the materialization of a recovery in demand.
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The continuous falls in Chinese carbon steel export prices over the past few weeks took a pause over August 31-September 6 as domestic steel exporters and overseas buyers reached a stalemate on price after a seesaw battle, market sources observed Monday.
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The Tangshan Q235 150mm square billet benchmark price, the weather vane of China’s steel market sentiment especially for the north region, rebounded by Yuan 60/tonne ($8.4/t) on week to Yuan 3,360/tonne EXW and including the 13% VAT as of September 6, as local re-rollers had been procuring in volumes with their resumption of operations since the start of September.
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China’s national average price of HRB400 20mm dia rebar grew for the sixth day as of September 5, up substantially by Yuan 31/tonne ($4.3/t) on day to Yuan 3,841/t including the 13% VAT, and market sentiment improved on the continuing decline in finished steel inventories.
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China’s national average HRB400 20mm dia rebar benchmark price went up for the fifth working day on September 4, gaining another Yuan 17/tonne ($2.4/t) on day to Yuan 3,810/t including the 13%, though market sentiment was mixed with cautious optimism and pessimism.
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Mysteel’s national average price for HRB400 20mm dia rebar increased for the fourth successive day on September 3, up another Yuan 24/tonne ($3.3/t) on day to Yuan 3,793/t including the 13% VAT, though the spot trading of construction steel swung.
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Mysteel’s national average benchmark price for the HRB400 20mm dia rebar strengthened further by Yuan 27/tonne ($3.8/t) from last Friday to Yuan 3,769/t and including the 13% VAT as of September 2, according to Mysteel’s database, and the daily trading of construction steel hit its over three-month high, indicating a possible revival in downstream demand.
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Mysteel’s Tangshan Q235 150mm square billet benchmark price, the weathervane of Chinese steel market trends, slumped by a total of Yuan 120/tonne ($16.8/t) on week to Yuan 3,300/t EXW and including the 13% VAT as of August 30, refreshing an eight-month low since January 4.
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China’s steel export prices slipped at a faster pace over August 24-30, with Mysteel’s B500B rebar price, for example, down to $475-485/tonne FOB Shanghai port from the previous week’s $485-490/t, as against a $5/t week-on-week decline over August 17-23, and sales in general stayed sluggish, according to Mysteel’ weekly survey on the market.
