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Mysteel’s Q235 150mm square Tangshan billet price, the weathervane of China’s steel market, searched for direction over the weekend, first losing then recovering Yuan 10/tonne ($1.4/t) on Saturday and Sunday to end at Yuan 3,560/t EXW and including the 13% VAT as of May 19, unchanged from last Friday.
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China’s national average benchmark price for HRB400 20mm dia rebar rebounded by Yuan 10/tonne ($1.5/t) on day to Yuan 4,176/t on delivery and including the 13% VAT as of May 16 after having declined for six working days.
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China’s spot long steel trading on May 15 picked up 30% on day amid the continuing price decline in the national HRB400 20mm dia rebar for the sixth day as of Wednesday, having lost another Yuan 10/tonne ($1.5/t) on day to Yuan 4,166/t including the 13% VAT.
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Mysteel’s national HRB 400 20mm dia rebar benchmark price decreased for the fourth day as of May 13, down another Yuan 19/tonne ($2.8/t) from last Friday to Yuan 4,208/t including the 13% VAT, as the market sentiment has been tested on signs of a slow-down in demand and the growing concern on the escalating Sino-US trade friction.
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Stocks of the five major carbon-steel items at Chinese traders continued to trend downward over the week of May 2-8, but the pace of decline pace was slowed by the high levels of production, as well as the ebbing momentum of rises in demand, Mysteel Global notes.
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China’s national average price for the HRB400 20mm dia rebar decreased for the second day by another Yuan 18/tonne ($2.6/t) on day to Yuan 4,231/t including the 13% VAT as of Thursday, as traders are growingly worried about the remaining high steel output and the slow-down in steel stocks digestion.
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China’s steel prices recovered from the Monday slide on May 7 with Mysteel’s national HRB 400 20mm dia rebar benchmark price have rebounded Yuan 7/tonne ($1.03/t) on day to Yuan 4,261/t and the Tangshan Q235 150mm square billet price recouping Yuan 20/t on day to its six-month high of Yuan 3,600/t EXW, with both including the 13% VAT.
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The rebar and Tangshan billet prices, being the major barometers of China’s steel market sentiment, both gained on May 5, Sunday, a working day in China in lieu with the Labour Day Holiday on May 1-3, as the domestic steel market sentiment has remained positive after the break.
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Mysteel’s national HRB 400 20mm rebar benchmark price stayed firm in general, having ebbed by merely Yuan 1/tonne ($0.15/t) on day to Yuan 4,233/t including the 13% VAT as of April 29, and the spot demand remained steady with the Labour Day Holiday over May 1-3 just around the corner.
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China’s national average price for HRB400 20mm dia rebar inched up Yuan 3/tonne ($0.4/t) from last Friday to Yuan 4,234/t including the 13% VAT as of April 28, a working day in China in lieu of the Labour Day holiday on May 1-3, having sourcing support from the continuing declines in finished steel stocks both at the traders and steel mills.
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Trends in Chinese domestic steel prices varied among regions on Thursday, with those in East and North China reversing up after two consecutive days of declines whereas that in South China continued to soften.
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Mysteel’s national HRB 400 20mm rebar benchmark price softened by Yuan 9/tonne ($1.3/t) on day to Yuan 4,251/t including the 13% VAT on Tuesday, marking a slight retreat after Monday’s strong rebound which saw the rebar price reach its highest point since last November.
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Mysteel’s national average price for HRB400 20mm dia rebar price returned to its uptrend on April 22 after having softened for the previous three days and refreshed its five-month high since November 21 2018, up Yuan 45/tonne ($6.7/t) from last Friday to Yuan 4,215/t including the 13% VAT and the domestic steel market sentiment stayed positive in general.
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Mysteel’s national HRB 400 20mm rebar benchmark price softened by Yuan 7/tonne ($1.1/t) on day to Yuan 4,238/t on delivery and including the 13% VAT as of April 17 after a strong surge in the previous day, while the spot demand remained rather stable.
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China’s steel market sources shared the concern of Liu Zhenjiang, the secretary general of China Iron & Steel Association (CISA), that the continuing increase in steel supply may tilt the balance in the domestic steel market, thus pressuring the domestic steel prices in the coming months.
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Mysteel’s national average price for HRB400 20mm dia rebar increased Yuan 16/tonne ($2.4/t) on day to Yuan 4,245/t including the 13% VAT as of April 16 amid the remaining firm downstream demand and the remaining high steel production costs, though the spot trading of long steel subsided on Tuesday.
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Mysteel’s Q235 150mm square Tangshan billet benchmark price, the weathervane of China’s steel market, is approaching its five-month high with a gain of Yuan 20/tonne ($3/t) over the weekend to Yuan 3,570/t EXW and including the 13% VAT as of April 14, thanks to demand revival from local steel re-rollers.
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Stocks of the five major finished steel items at both mills and traders declined over the week of April 4-10 despite the high levels of production, mainly thanks to strong downstream demand encouraged by market optimism and pleasant weather, Mysteel Global notes.
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China’s 2019 average steel price may soften but moderately on possible higher supplies, as steady or potential modest rises in demand will help absorb some added production, speakers told delegates on April 11 at the 2019 China Coal Market Annual Conference & Global Seaborne Coal Market Summit in Shanghai.
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Mysteel’s national average price for HRB400 20mm dia rebar has been persisting at the level close to Yuan 4,200/tonne ($/t) for the third consecutive day, down merely Yuan 1/tonne on day to Yuan 4,196/t including the 13% VAT as of April 11, as near-term market outlook stayed positive and downstream demand remained firm.
