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Chinese steel mills raised their steel export offers last week and again this week, even though domestic steel prices have started showing signs of weakening and when global demand is not so strong, Mysteel Global has learned.
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The price of Q235 150mm square billet in Tangshan, the bellwether of China’s steel market, came off its 15-month high on Monday, declining by Yuan 30/tonne ($4.6/t) from last Friday to settle at Yuan 3,590/t EXW and including the 13% VAT, according to Mysteel’s assessment, after the price had gained a total of Yuan 50/t during last week. Currently, both upward and downward forces are playing on the price of the semi, market watchers say.
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Tangshan Q235 150mm square billet price, weathervane of China’s steel market development, reversed down after continuous increase since November 16. It decreased by Yuan 30/tonne ($9.1/t) on day to Yuan 3,590/t EXW and including the 13% VAT as of November 23. Downstream buying retreated with bleak winter coldness blanketing the majority of China.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market sentiment, grew for the fourth consecutive day last Friday. It gained another Yuan 15/tonne ($2.3/t) on day to Yuan 4,174/t including the 13% VAT as of November 20, while long steel sales in the physical market softened on the same day.
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Chinese steel prices continued to refresh respective highs on November 19 although downstream buyers were starting to worry about the “dangerously high” prices and displayed some resistance in buying, Mysteel Global understands from market sources.
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China’s steel mills have hiked their export offering prices substantially by $5-19/tonne on week more to match the gains in the domestic prices than to eagerly look for buyers from overseas, though demand from overseas have appeared robust, Mysteel Global understands from industry sources.
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China’s independent electric-arc-furnace (EAF) steel mills saw their capacity utilization recover slightly last week, as the profit margins these EAF steelmakers are enjoying on their output have improved thanks to the strengthening of finished steel prices currently, market watchers commented on Wednesday.
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The price of Q235 150mm square billet in North China’s Tangshan, the bellwether of China’s steel market movement, refreshed its 15-month high last week, climbing by another Yuan 70/tonne ($10.6/t) on week to reach Yuan 3,580/t EXW and including the 13% VAT as of November 13, according to Mysteel’s assessment. But downward pressure is building as frequently imposed production bans on steel re-rollers have dulled their appetite for billets.
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China's national price of the HRB 400 20mm dia rebar softened for the second day on November 13, down another Yuan 5/tonne ($0.8/t) on day to Yuan 4,115/t including the 13% VAT, while spot sales of long steel in the domestic market had been largely stable, according to Mysteel’s surveys.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market sentiment, reversed down on November 12 after growing for eleven working days. It dipped by Yuan 4/tonne ($0.6/t) on day to Yuan 4,120/t including the 13% VAT, according to Mysteel’s data.
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Steel scrap prices across China are likely to keep strengthening in the remaining few weeks of 2020, predicted Li Shubin, vice chairman of the China Association of Metalscrap Utilization (CAMU) at the 2020 National Steel Scrap Conference in Haikou in South China’s Hainan province on November 12.
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Despite higher steel output, China’s steel scrap consumption decreased by 1% or 1.58 million tonnes on year to 155.2 million tonnes in the first nine months of 2020, Li Shubin, vice chairman of the China Association of Metalscrap Utilization (CAMU), shared on November 12 at the 2020 National Steel Scrap Conference in Haikou, South China’s Hainan province.
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The profit margins of China’s blast-furnace steel mills saw some improvement in October, mainly thanks to the recovery in steel prices with the firmer demand from end-users, Mysteel’s latest monthly report shows. The mills’ production costs did increase further last month, however.
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The Q235 150mm square billet price in Tangshan, North China’s Hebei province, continued to strengthen last week, rising by another Yuan 60/t ($9.1/t) on week and hitting a 15-month high of Yuan 3,510/t EXW and including the 13% VAT last Friday. The semis price, regarded as representative of the health of China’s steel market, subsequently refreshed new highs over the weekend and on Monday, Mysteel Global notes.
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Tangshan Q235 150mm square billet price, the bellwether of China’s steel market development, jumped Yuan 50/tonne ($7.6/t) over the weekend to reach a 15-month high of Yuan 3,560/t EXW and including the 13% VAT as of November 8. Market concern over further billet supply tightness was triggered by the renewed curbing measures on billet-supplying mills in this top steel producing city in China.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market sentiment, continued the upward trajectory for the seventh working day. It gained another Yuan 19/tonne ($2.9/t) on day to reach Yuan 3,935/t on Thursday, including the 13% VAT, according to Mysteel’s data.
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China’s national price of HRB400 20mm dia rebar hit Yuan 3,916/tonne ($589.8/t) on November 4, reaching the highest so far this year after climbing for six consecutive working days on Wednesday by another Yuan 17/t on day. Sentiments of Chinese steel participants improved greatly due to sustained strong trading lately, Mysteel Global noted.
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Chinese steel export prices moved up by $2-3/t last week, after remaining stable for one week in the prior week, according to Mysteel’s latest weekly report. But while prices of China-origin steel are becoming more competitive in the global steel trading market, overseas buyers continue to view the renewed vigour of the COVID-19 pandemic with concern.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel-market sentiment, moved up for the fifth working day by Yuan 13/t ($2/t) to Yuan 3,899/t including the 13% VAT as of November 3, the highest level since December 20, according to Mysteel’s data.
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The Q235 150mm square billet price in Tangshan, North China’s Hebei province, moved up for the fourth week in a row, gaining another Yuan 10/tonne ($1.5/t) on week to Yuan 3,450/t EXW and including the 13% VAT as of October 30, which was phenomenal to some degree as local billet consumption had reduced evidently with the latest suspension on local re-rollers since October 23.
