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China’s steel export prices weakened over September 14-18, their first decline since early May, as steel suppliers – especially traders – lowered their offers when domestic demand turned slack, Mysteel’s latest weekly survey has found. Export trading increased after the gap in prices between Chinese products and those of rivals closed, respondents said.
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel continued to weaken for the sixth working day on Tuesday, down another Yuan 12/tonne ($1.8/t) on day to Yuan 3,768/t including the 13% VAT as of September 22. Steel trade picked up slightly after the recent continuous price drops.
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel, an indicator of China’s steel market dynamics, declined by another Yuan 15/tonne ($2.2/t) from last Friday to Yuan 3,780/t including the 13% VAT as of September 21. The price had softened for five working days in a row and market sentiment deteriorated as steel demand had remained weak.
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Among the four major electrical home appliances manufacturing in China, that of air-conditioner declined the most by 17.2% on month to 15.3 million units for August, though the volume was still 0.5% higher on year, according to the latest data from China’s National Bureau of Statistics (NBS), though market sources remained optimistic on higher production for the last quarter of 2020.
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Last week, billet stocks held by traders in Tangshan, China’s top steel producing city in North China’s Hebei province, declined for the first time since the end of June, though only by 3.5% on week, according to Mysteel’s latest weekly survey. Steel re-rollers in the city, the major consumers of the local billets, had largely resumed normal production after a ban restricting their production had been lifted from September 8.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel-market sentiment, continued its downtrend to reach Yuan 3,795/tonne ($561/t) including the 13% VAT as of September 18, losing a slight Yuan 1/t on day, according to Mysteel’s data.
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China’s shipbuilders received new vessel orders totalling about 15 million dead weight tons (dwt) over January-August, or down 4.5% on year, according to the latest data from the China Association of the National Shipbuilding Industry (CANSI), there was a slight improvement from the 4.8% on-year drop for the first seven months, but the concern persisted on the insufficiency of the backlog.
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China’s national average HRB400 20mm dia rebar price slipped for the third day as of September 17, down another Yuan 10/tonne ($1.5/t) on day to Yuan 3,796/t including the 13% VAT, and the slight recovery in trading and depletion of inventories seemed to have failed to ease the current pessimism, Mysteel Global understands.
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Steel stocks at Chinese traders’ warehouses declined further and faster over September 11-17, thanks to the firm end-user demand over the period, even though market sentiment stayed gloomy, Mysteel Global noted.
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The spot price of the high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia stayed unchanged at Yuan 5,800/tonne ($853/t) including 13% VAT as of September 16 after three weeks of rises, as both the traders and stainless plants slowed down their paces of buying from the prior weeks, according to Mysteel’s latest weekly report.
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Domestic futures prices of ferrous materials and metals including iron ore, rebar and hot-rolled coil in China declined significantly on September 16, with the most traded rebar futures contract down 1.8% on day and iron ore futures plunging by 5.1% on day. Market watchers suggested that current actual demand for ferrous commodities was not as robust as the market had long expected, Mysteel Global noted.
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China's national price of the HRB 400 20mm dia rebar returned to the downtrend again on Tuesday after a short-lived rebound on the previous day. The price declined by Yuan 6/tonne ($0.9/t) on day to Yuan 3,823/t including the 13% VAT as of September 15, according to Mysteel’s data.
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China’s steel export prices continued to rise over the past week and transaction volume grew, mainly due to the steadily narrowing price gap with the Chinese mill competitors in the international steel market, according to Mysteel’s latest weekly survey.
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The price of the Q235 150mm square billet in Tangshan, North China’s Hebei province, slipped Yuan 80/tonne ($11.7/t) on week to Yuan 3,400/t EXW and including the 13% VAT as of September 11, as the billet stocks at the local traders hit a 5.5-month high by the end of the second week in September, Mysteel Global noted.
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Steel futures prices on the Shanghai Futures Exchange (SHFE) softened over the week of September 7-11 as market sentiment turned weaker. Steel consumption has failed to improve to the extent that the market had expected over the busy season over September-October, fuelling trepidation about future trends, Mysteel Global understands from industry sources.
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Production and sales of automobiles in China both witnessed on-year rises for the fifth successive month in August, mainly thanks to the stabilizing economy and a series of policies aimed at stimulating purchasing, according to the latest release from the China Association of Automobile Manufacturers (CAAM) on September 10. Market sentiment also largely improved last month, the association noted.
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China's national price of the HRB 400 20mm dia rebar, an indicator of the domestic steel market sentiment, continued the downtrend on Thursday due to a lackluster demand in the domestic market. The price slid for the fifth working day by another Yuan 13/tonne ($1.9/t) on day to Yuan 3,832/t including the 13% VAT as of September 10, according to Mysteel’s data.
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The global steel market has shown signs of consistent recoveries in both demand and supply, with many major steelmakers in Vietnam, Japan, India and Europe gradually lifting their output and prices, and China’s steel exports offering prices, in tandem with the uptrend, rose too.
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The spot price of high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia strengthened for the third straight week, though the latest on-week was only Yuan 25/tonne ($3.7/t) to Yuan 5,800/t including 13% VAT as of September 8, according to Mysteel’s assessment, which was underpinned by the better demand from the country’s stainless mills, according to market sources.
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China's national price of the HRB 400 20mm dia rebar, an indicator of the domestic steel market sentiment, slid for the third working day on September 8 to reach Yuan 3,855/tonne ($563/t) including the 13% VAT, losing another Yuan 6/t from the previous day, according to Mysteel’s data.
