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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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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 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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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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The most-traded nickel November contract on the Shanghai Future Exchange (SHFE) closed at its 4.5-year high on September 2 with the prevalent market concern on supply shortage with Indonesia’s probably moving forward the complete ban on nickel ore exports from the originally-planned 2022 to 2020, market sources said.
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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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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.
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Mysteel’s national HRB400 20mm dia rebar benchmark price rebounded slightly after having refreshed a 26-month low on August 28, up Yuan 2/tonne ($0.3/t) on day to Yuan 3,738/t including the 13% VAT as of August 29, while the Chinese steel market sentiment stayed cautious with no clear signs of actual demand revival yet.
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Chinese domestic rebar prices declined further on August 29, given the weak performance of rebar futures prices that day and the persisting pessimistic sentiment, with Mysteel’s national average price for HRB400 20mm dia rebar dropping further by Yuan 19/tonne ($2.7/t) on day to Yuan 3,736/t including the 13% VAT, refreshing its 26-month low, Mysteel Global noted.
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China’s national average price for HRB 400 20mm dia rebar lost another Yuan 42/t ($5.9/t) on day Tuesday to reach Yuan 3,755/t including the 13% VAT, according to Mysteel’s assessment, making for a 26-month low after this key price reached Yuan 3,744/t on June 27 2017.
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New profits at HBIS Company Limited, the Shenzhen-listed arm of HBIS Group, plunged by 35.9% on year during the first half of 2019, though its H1 steel production saw an on-year increase, according to the company’s semi-annual report released on August 27.
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China’s long steel prices declined with Mysteel’s national average price for the HRB400 20mm dia rebar hitting its 17-month low of Yuan 3,806/tonne ($537/t) including the 13% VAT as of August 22 after having declined for the third day by another Yuan 4/t on day, and actual demand remained sluggish though the spot trading volume grew further.
