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Mysteel’s assessment on the Q235 150mm square billet price in Tangshan, North China’s Hebei province, jumped Yuan 70/tonne ($11/t) from April 30, reaching Yuan 5,060/t EXW and including the 13% VAT as of May 5, despite the Labour Day holiday over May 1-5, as domestic demand from the local re-rollers has strongly recovered on their restarting the rolling lines, market sources indicated.
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Uncertainties loitering in the steel markets in and out of China have finally been settled when Beijing announced all the related foreign trade policies regarding ferrous products including imports and exports taxes and tax rebates with many being very much within market expectation, though stainless steel has been caught the market by surprise, market sources shared on April 29.
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The steady climb in Chinese steel export prices which began after Chinese New Year in late February continued last week, and export sales, especially those of hot-rolled coil (HRC), regained their pace even though the issue of the rebate cuts remains undecided, according to Mysteel’s latest report.
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Tangshan Q235 150mm square billet price, a barometer of China’s steel market sentiment, stayed largely stable over April 19-23, with the price assessed by Mysteel at Yuan 4,950/tonne ($762/t) EXW and including the 13% VAT as of April 23, or having reversed up but by just Yuan 10/t on week, though demand may shrink in the last week of April with the ongoing suspension of local steel re-rollers.
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The pickup in Chinese steel export prices which began after the Chinese New Year holiday in late February continued last week, partly because the issue of a possible cut in export tax rebates on steel remains be clarified. As a consequence, Chinese steel suppliers have adopted different strategies to cope with the policy uncertainties, Mysteel Global understands.
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The price of Q235 150mm square billet in Tangshan, a pointer to Chinese steel market sentiment, reversed down by Yuan 100/tonne ($15.3/t) on week to Yuan 4,940/t EXW and including the 13% VAT as of April 16, as billet supply has been easing and demand shrinking, Mysteel’s latest report showed.
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The stocks of finished steel held by Chinese traders sampled by Mysteel declined by another 1.5 million tonnes on week over April 9-15 amid steady steel demand and despite steel prices still hovering high, Mysteel Global noted.
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Chinese steel mills have gradually resumed offering for export, in the absence of a definite statement from the central government regarding possible cuts to steel export tax rebates. Nonetheless, savvy Chinese shippers are factoring in possible changes when providing offers or formulating contracts, market sources indicated on April 14.
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The tightness of billet supplies in Tangshan, home to over 100 steel re-rollers, has eased slightly thanks to deliveries from other regions in China and from shipper abroad, according to Mysteel’s latest weekly survey.
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The price spread between billet price in Tangshan, North China’s Hebei province, and rebar price in neighbouring Beijing have narrowed to less than Yuan 100/tonne ($15.3/t) since March 22, partly as billet price has been soaring at a faster pace in response to the restriction imposed on the 23 steel mills in Tangshan starting March 20 that will be in place throughout the year, as steel output and billet supplies have been curtailed as expected.
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Chinese steelmakers were not keen to chase export business last week, due to hot domestic sales and the uncertainties still hanging about whether the central government will cut steel export tax rebates, industry sources said.
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Gross billet profits among ten steel mills in Tangshan, the top steel producing city and billet supply base in North China’s Hebei province under Mysteel’s survey averaged Yuan 1,024/tonne ($156.3/t) as of April 2, or above the threshold of Yuan 1,000/t again since August 2018.
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After during the stress on soaring raw materials price, the Chinese steel mills have been enjoying some care-free days with steel margins improving when the country’s finished steel prices have been strengthening while coke price has been slipping fast since late February, both due to the twists in their fundamentals.
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Business for Chinese steel exports was quiet last week, with some domestic steel suppliers stopping offering prices. However, market enthusiasm for importing strengthened noticeably, thanks to the continuing surges in domestic prices, industry insiders noted.
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The price of Q235 150mm square billet in Tangshan city, the top steel production base in North China’s Hebei province, refreshed its 12.5-year high last Friday after surging another Yuan 220/tonne ($33.6/t) on week to Yuan 4,710/t EXW and including the 13% VAT as of March 26, thanks to the further improvement in fundamentals.
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Wednesday saw the daily trading volume of construction steel across China soar to a three-month high, Mysteel data shows, and yet despite the trading fervour, long steel prices such as rebar slipped. Market watchers suggested that given the current high levels of stocks, traders had brushed aside the downward price corrections and rushed to conclude more deals given the robust demand – rather than step up prices.
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China’s steel export prices especially for carbon steel flats, the country’s top products for exports, gained another $15/tonne on week, in response to the possible cuts on tax rebates and global flat steel price strengthening, though both offers from the Chinese traders and bid from overseas appeared slack recently amid the uncertainties, Mysteel Global learnt from market sources.
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The latest surge of the Tangshan Q235 150mm square billet price, the bellwether of China’s steel market sentiment, to an over 12-year high of Yuan 4,620/tonne ($711/t) EXW and including the 13% VAT as of March 21 was on the support of the concern on the tightening supply as well as the pick-up in demand from the local re-rollers, according to Mysteel’s latest weekly report.
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Chinese steel export prices surged again after a short pause last Wednesday, mainly due to the sudden escalation of production restrictions late last week in Tangshan, the top steel producing city in North China’s Hebei province, according to Mysteel’s weekly report.
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The Tangshan Q235 150mm square billet price, the bellwether of China’s steel market, refreshed a 9.5-year high last week to hit Yuan 4,430/tonne ($681.5/t) EXW and including the 13% as of March 12. Respondents to Mysteel’s survey cited the significant reduction in supply to explain the rise.
