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Chinese steel exports have stayed slack recently partly due to the low demand from major buying countries and the difficulties in chartering vessels for the shipments, industry insiders shared on Monday.
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Total inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, kept stable on week over September 17-23 at 651,331 tonnes after growing for two weeks, as deliveries to traders’ warehouses declined with the on-going restrictions on stainless producers.
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Strong sentiment has prevailed in China’s stainless steel market since last week, mainly thanks to the reduction in supply caused by the intensified power restrictions in China’s major stainless steelmaking regions. This pushed the spot prices of 304-grade stainless as assessed by Mysteel to multi-year highs over September 15-22.
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Softer flat-steel markets at home and abroad saw Chinese export prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) reverse down last week after rising for the two prior weeks, according to Mysteel’s latest weekly report.
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Over September 13-17, China’s prices of rebar and hot-rolled coil (HRC), the two popular carbon steel finished steel products, showed signs of diverging in the spot market, though both their futures prices reversed from several weeks of strengthening, indicating the struggling of market sentiment amid probably lower output while also softening in demand in the near or longer term, Mysteel Global noted.
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On September 15, the China Association of Metalscrap Utilization (CAMU) shared the 14th Five-Year Plan (2021-2025) for the country’s steel scrap industry that had been agreed among the members, among which some key criteria have been listed to help promote eco-friendly, efficient and sustainable development in the country’s steel industry, according to various media reports including China Metallurgical News.
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Finished stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, increased for the second week over September 10-16, rising by another 1.1% on week to 651,311 tonnes, as demand from end-users remained lacklustre.
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Domestic prices of 304-grade stainless steel in China lost ground over September 7-14, unwinding the significant growth seen during the prior week. Market sources said prices were dented by end-users’ continuing slack demand that still shows no sign of being revived.
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Export prices of major Chinese steel products remained generally firm last week, after two consecutive weeks of increases. In contrast, steel prices in the international market declined by $20-40/t last week, causing China-origin steel items to lose more of their price competitiveness, according to Mysteel’s latest weekly report.
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China’s steel prices in both spot and futures markets showed signs of continuing strengthening over September 6-10, as steel output curbs had been intensified in many regions so as to help realize lower steel output for the whole year of 2021, while steel demand from traders and end-users had been improving though fluctuation continued, Mysteel Global noted.
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Over September 3-9, finished stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, increased for the fourth week, up another 16,051 tonnes or 2.9% on week, mainly due to the higher deliveries to the traders while still depressed demand from end-users, according to Mysteel’s latest survey.
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China’s stainless steel market performed strongly over August 31-September 7 after languishing throughout most of August, with spot prices of 304-grade stainless as assessed by Mysteel recording on-week rises over the period. Market watchers said the rises were largely propelled by market concerns about supply constraints such as production curbs and declining stocks.
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Chinese steel export activity remained dull last week, because demand from the ASEAN region, the major destination for Chinese steel, remained slack even though some countries are gradually relaxing virus-response measures, Mysteel’s latest weekly report shows.
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China’s steel prices including rebar and hot-rolled coil (HRC) in the spot and futures markets strengthened over August 30-September 3, as steel production cuts have been adopted in more regions while domestic demand showed signs of continuing pick-up albeit at a slow pace, Mysteel Global noted.
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China’s spot steel prices stayed on the uptrend last Friday and over the weekend, and spot steel transaction among China’s 237 traders grew for the third day and up substantially by 33.2% on day as of September 3, both according to Mysteel’s tracking, suggesting that demand might have entered its autumn peak consumption season.
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Finished stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, grew for the third week over August 27-September 2 as demand from users remained tepid.
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China’s steel exports stayed slack over August 23-27, though actual transaction and offer prices inched up in tandem with the recovery in the domestic steel prices, Mysteel’s latest weekly survey showed.
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China’s spot steel prices including rebar and hot-rolled coil (HRC) recovered on week in general over August 23-27 after the sharp declines a week earlier despite the reemergence of price declines starting August 26, partly due to the strengthening in the futures prices and the resilience in the raw material prices especially in coke, and domestic spot steel sales picked up moderately on week too, Mysteel Global noted.
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Finished stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, continued to move up over August 20-26, mainly due to the increased deliveries to traders’ warehouses and the lacklustre demand among stainless users.
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Chinese traders surveyed by Mysteel trimmed their offering prices for 304-grade stainless steel last week in response to softer sentiment, the latest survey has found. The market mood was subdued by the drop in stainless futures prices on the Shanghai Futures Exchange (SHFE), the increase in spot supplies among dealers and the previous slack sales, respondents said.
