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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, reversed down over February 26-March 4 after accumulating over the prior two months, according to Mysteel’s latest weekly survey.
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Export prices for Chinese carbon steel rose for the second week last week, as steelmakers focused on domestic market sales and so limited their supplies to overseas markets, according to Mysteel’s latest weekly report.
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China’s price of 60% ferromolybdenum (FeMo) refreshed its one-year high of Yuan 116,000/tonne ($17,945.2/t) including the 13% VAT as of February 26, according to Mysteel’s assessment. Higher production costs and improved demand had supported the increase, respondents to Mysteel’s latest weekly survey said.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, continued to mount over February 19-25 due to the large volume of arrivals at traders’ warehouses, Mysteel’s latest weekly survey has found. However, the on-week growth in inventories had slowed to 14.1%, as against the 21% jump over the prior period.
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China’s export offering prices of finished steel including the hot-rolled coil (HRC) and rebar rebounded by $15-25/tonne in the first couple of days after China has been back to work from the Chinese New Year (CNY) holiday over February 11-17, having borrowed support from the higher global steel prices and the rising raw material costs, according to Mysteel’s latest assessment.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, swelled by a significant 21% during the Chinese New Year (CNY) holiday, according to Mysteel’s latest weekly survey. Sales over the break were stagnated while stocks continued to arrive at traders’ warehouses, survey respondents noted.
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Below are
summaries of the key ferrous data release schedule during the Chinese New Year
holiday over Feb 11-17.
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Global steel export prices continued trending in different directions last week, with prices in Europe and US strengthening further, while those in Asia stayed weak, with trading activity quietening ahead of Chinese New Year (CNY) celebrations in many countries, according to Mysteel’s latest weekly survey.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, grew faster to a 2.5-month high of 485,093 tonnes over January 29-February 4, mainly due to the increased arrivals at traders’ warehouses and sparse demand from end-users, according to Mysteel’s latest weekly survey.
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China’s steel exports have been slowing down recently, with both the inquires and new bookings from the overseas buyers shrinking, as global steel prices with longs in particular, have plunged while the Chinese steel mills have refused to give in on prices too much due to the persistently high production costs, market sources shared on Wednesday.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, continued rising for the fourth week over January 22-28, as deliveries to traders’ warehouses increased while consumption among end-users slipped further with the upcoming Chinese New Year holiday over February 11-17, according to Mysteel’s latest weekly survey.
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Baoshan Iron & Steel Co (Baoshan Steel), the listed arm of China’s top steel producer - China Baowu Steel Group - announced to roll over its list prices of the carbon steel hot-rolled coil (HRC) for domestic sales in March, according to its pricing policy on January 25, as demand has shown signs of weakening ahead of the Chinese New Year (CNY) holiday but production cost has persisted high.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, climbed for the third week over January 15-21, mainly due to the increased arrivals at traders’ warehouses and the slowing demand from users, according to Mysteel’s latest weekly survey. Last week’s rise in stocks was at the faster pace of 8.1% against the prior week’s growth of just 0.6%, the data show.
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Since the start of 2021, China’s rebar export price has caught up with speed in strengthening, up $15/tonne on week or $30/t higher than the end of December, and the export volume has surged too, while the hot-rolled coil (HRC) prices has shown signs of waning after the earlier spree in December, Mysteel’s latest weekly report.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, continued to sit below 400,000 tonnes for the third week over January 8-14, though the tonnage had moved up slightly for two weeks, mainly due to the limited volume of coils being delivered to traders’ warehouses, Mysteel Global learned.
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The auto production among China’s 15 major automakers declined 27.4% on year to 523,000 units over January 1-10, according to the latest data from China Association of Automobile Manufacturers (CAAM) on January 14, which was mainly due to the growing shortage of auto semiconductors and the manufacturers’ relaxation on output at the start of the year, according to market sources.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, reversed up by 1.2% on week to 386,165 tonnes over January 4-7 after sliding for the prior two weeks, according to Mysteel’s latest weekly survey. The uptick reflected increased arrivals of stainless products delivered from mills to traders’ warehouses, survey respondents said.
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A rise in the number of confirmed cases of the coronavirus recorded in North China’s Hebei province over the past few days is making steel producers, traders and raw materials suppliers in the province anxious, especially when the local authorities have quickly imposed restrictions on trucking in parts of the province – disrupting the transportation of both steel and raw materials – but the tangible impact on mill operations has been limited so far, market sources confirmed on Thursday.
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Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, continued to empty for the second week over December 25-31, according to Mysteel’s latest weekly survey. The decline reflected better demand from users before the New Year holiday weekend and the limited supply in the physical market, respondents said.
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After over two years of steel scrap imports restrictions, the Chinese government, as widely expected, has reopened the door to overseas steel scrap starting January 1 together with the new adoption of the “recycled iron-steel raw materials” standards, according to an announcement from the country’s Ministry of Ecology and Environment (MEE) on the last working day of 2020.
