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As of January 14, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment edged up further to Yuan 4,783/tonne ($753/t) including the 13% VAT, gaining another Yuan 6/t on day, while spot trading of construction steel continued slipping due to thinning demand from end-users.
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China exported 66.9 million tonnes of finished steel in 2021, up 25% on year, according to the latest release of General Administration of Customs (GACC) on January 14. However, though the increase was impressive, the total volume was nonetheless the lowest since 2014 except for 2020 thanks to Beijing's removal of steel export rebates last year, market sources noted.
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Chinese steel prices for export have been stable recently, but trade has largely been slack due to weak buying demand from the ASEAN region, the primary destination for most Chinese steel exports, market sources noted.
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On January 7, China's national average HRB400E 20mm rebar price under Mysteel's assessment nudged up for the fourth consecutive working day to Yuan 4,744/tonne ($743.6/t) including the 13% VAT. The price increased another Yuan 3/t on day thanks to stable sales, according to market sources.
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The Tangshan price of Q235 150mm square billet, the weathervane of China's steel market, has stayed largely firm so far this week, after having tumbled by over Yuan 120/tonne ($18.8/t) during the last week of December. The price is being supported by an improvement in sales of both steel billet and finished steel, market sources say.
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As of December 31, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment continued decreasing for the ninth working day to reach Yuan 4,726/tonne ($744/t) including the 13% VAT, down by another Yuan 8/t on day due to the lacklustre demand.
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China's steel export trading has been quiet last week and so far this week, as overseas market is largely off during holidays, while imports of steel semis have been picking up recently on the firmer domestic market sentiment, according to market sources.
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The market for carbon steel billet in Tangshan in North China's Hebei province, the country's top billet supply base, remained dull last week as frequent restrictions caused a falloff in supply and reduced demand for semis, sources said.
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On December 24, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment stayed largely unchanged at Yuan 4,843/tonne ($761/t) including the 13% VAT, down by a tiny Yuan 1/t on day, as demand from end-users remained tepid with the falling temperatures in northern China and the resurgence of new COVID-19 cases across the country.
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Chinese steel export sales continued slowing last week and have slipped further this week as Christmas celebrations and the still-severe COVID-19 situation in many countries have caused global steel demand to cool, local market sources indicated.
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The Q235 150mm square billet price in Tangshan, China's top steel producing city in North China's Hebei, increased by Yuan 50/tonne ($7.8/t) on week to Yuan 4,360/t EXW and including the 13% VAT as of December 17, as sales picked up after a round of restrictions on local billet users was lifted on December 16.
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On December 17, China's national price of HRB400E 20mm rebar assessed by Mysteel recovered to a 1.5 month high of Yuan 4,863/tonne ($763.4/t) and including the 13% VAT, mainly thanks to stable sales and low inventories, market sources said.
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So far this month, China's steel export trading has been less active than in November as end-users and importers overseas are preparing for the upcoming Christmas and New Year holidays, Chinese sources said on December 14.
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The price of Q235 150mm square billet in Tangshan, China's top steel producing city in North China's Hebei, continued to hover last week as local billet makers and re-rollers were still subject to emergency production restrictions as part of air pollution abatement measures which started on December 2.
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As of December 10, China's national price of HRB400E 20mm dia rebar softened for the second day by another Yuan 11/tonne ($1.7/t) to Yuan 4,827/t including the 13% VAT, though spot trading of construction steel including rebar rebounded from two days of declines, both according to Mysteel's tracking, with the higher trading partly spurred by lower prices.
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Chinese steel export prices declined last week despite the pickup in domestic spot market prices. The robust export transactions and inquiries seen last month also cooled slightly in the first week of this month, market sources said.
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For November, scrap utilization in per tonne of steelmaking among China's 211 steel mills under Mysteel's tracking stayed largely stable on month at about 23.87%, or down a tiny 0.01 percentage point, though detailed breakdowns suggested that those mills with blast furnaces (BFs) had reduced scrap feeds into convertors but just moderately, as the ongoing winter restriction has been limiting the operations of BFs, sintering and coking.
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The Tangshan Q235 150mm square billet price, the weathervane of China's spot steel market sentiment, reversed down Yuan 30/tonne ($4.7/t) on week to Yuan 4,290/t EXW and including the 13% VAT as of December 3, after a short-term rebound over the prior week, mainly due to the weakness in both demand and supply, according to Mysteel's weekly survey.
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As of December 3, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment inched up for the third day by Yuan 5/tonne ($0.8/t) to Yuan 4,798/t including the 13% VAT, and trading enthusiasm revived on signs of price stabilizing.
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China's steel export prices diverged last week, Mysteel's latest weekly report shows, as rebar export prices declined further with the fall in global prices, while prices for China-origin hot-rolled coil (HRC) firmed somewhat, thanks to the domestic market recovery.
