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Mysteel’s Q235 150mm square billet price in Tangshan city hit a new high since January 10, after it increased Yuan 60/t ($8.4/t) over May 29-31 to reach Yuan 3,310/tonne EXW and including the 13% VAT as of May 31. It was largely due to rumours that mills in this top steel producing city are facing another round of production curb in June.
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China’s steel production is expected to stay high in June as domestic steelmakers have been securing some profits, industry watchers predict. However, concerns are being raised about steel demand retreating both at home and abroad, they admit.
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Steel stocks held by Chinese traders declined further by nearly 1 million tonnes on week over May 22-28, though the fall was slower than the previous period’s 1.5 million tonnes decline, as rising prices and rising temperatures have moderately dampened demand, market sources said.
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The combined gross profit of enterprises in China’s auto industry surged 29.5% on year during April, according to the latest release by China’s National Bureau of Statistics (NBS) on May 27. The sector received a moderate boost from the rise in sales last month – reflecting the lift in demand that had been delayed by the battle against COVID-19 – but market sources warn that the handsome profits would be difficult to repeat.
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Major Chinese steel producers hiked export offer prices by $20-25/tonne for all kinds of steel products over May 16-22, Mysteel’s latest survey showed. The mills were counting on support from strengthening domestic and global steel prices, but actual sales remained poor, survey respondents remarked.
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China’s HRB400 20mm dia rebar price assessed by Mysteel stood at Yuan 3,799/tonne ($532.8/t) as of May 22, nudging down only Yuan 1/t on day. As of last Friday, the price had been rangebound for three days with the daily change within Yuan 5/t. Trading activity was generally steady though business was disrupted in some regions, Mysteel Global noted.
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Steel stocks among Chinese traders declined further and faster over May 15-21 as demand from end-users stayed robust, market sources said on Thursday. The convening of the “Two Sessions” political meetings in Beijing is also shoring up market sentiment.
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Market feedback on notices just released by China’s National Development and Reform Commission (NDRC) on boosting home appliance sales and improving the recycling system for old appliances show the country’s determination to support the white goods sector and accelerate the pace of ‘green’ development.
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China’s production of air-conditioners dropped by 24.8% on year over the first four months of 2020, though the pace of the decline slowed marginally from the 27.9% decrease seen during January-March, according to the latest data from China’s National Bureau of Statistics (NBS). Demand for the units has not fully returned, and concerns about retreating global demand and hovering high stocks saw makers continue to restrain production, market sources said.
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China’s HRB400 20mm dia rebar price reached a new high since February 3 after increasing another Yuan 38/tonne ($5.4/t) on day. It hit Yuan 3,904/t, including the 13% VAT on Tuesday, according to Mysteel’s assessment. However, trading had receded notably from a 13-month high record on Monday, Mysteel Global noted.
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Chinese steel exporters raised their offer prices last week amid strengthening domestic sales, but their willingness to export remained poor and the trade continued to be slack, according to Mysteel’s latest weekly report.
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The most-traded rebar contract on the Shanghai Futures Exchange for October delivery nudged higher by Yuan 12/tonne ($1.7/t) on week to close Friday’s daytime trading session at Yuan 3,464/t. Commenting on the minor increase, a Beijing-based futures analyst described the current futures market sentiment as “cautious, with a dash of expectation,” he told Mysteel Global.
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The volume of orders for new vessels that Chinese shipbuilders received over January-April increased by 4.1% on year to the equivalent of 9.9 million dead weight tonnes (dwt) in total, according to the latest release by China Association of the National Shipbuilding Industry (CANSI) published on May 15. However, the global shipbuilding industry continues to be buffeted by the COVID-19 contagion rampaging worldwide.
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Inventories of the five major steel items held by Chinese traders continued to decline over May 8-14 as steel demand remained firm. Nevertheless, despite the dip market participants are still cautious, noting that supply remains sufficient and that uncertainties regarding demand continue, Mysteel Global has learned.
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Sales among China’s eleven major auto manufacturers declined by a large 19.9% on month or by 13.9% on year to 351,000 units over May 1-10, according to statistics from the China Association of Automobile Manufacturers (CAAM) published on May 13. The decline in sales indicated that actual demand for new vehicles remains soft, Mysteel Global noted.
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Both the price and trading of China’s rebar were stable on Wednesday but market sentiment remained cautious. China’s HRB400 20mm dia rebar price was assessed by Mysteel at Yuan 3,681/tonne ($519.2/t) including the 13% VAT as of May 13, down slightly by Yuan 1/t on day.
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China’s export offering prices of both hot-rolled coil (HRC) and rebar remained unchanged for the second week over May 2-9 with little trading concluded while global steel prices showed signs of recovery, as a number of countries had gradually eased the lockdown measures to fight against the COVID-19, according to Mysteel’s latest weekly survey.
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After witnessing on-year declines for 21 successive months, automotive sales in China finally had a reprieve in April, with sales last month increasing by 4.4% on year to 2.1 million units, according to the latest release from the China Association of Automobile Manufacturers (CAAM) on May 11. The rises were mainly thanks to the delay in demand over the past few months and to government stimulus policies, industry watchers say.
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Rebar margin among China’s 91 blast-furnace mills under Mysteel’s monthly survey climbed up further by Yuan 139/tonne ($20/t) on month to Yuan 188/t on average for April mainly because of lower production costs with cheaper iron ore and coke.
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With only three trading days available this week due to the May 1-5 Labour Day holiday break, the most-traded rebar contract on the Shanghai Futures Exchange for October jumped by Yuan 175/tonne ($25/t) from April 30 to close Friday’s day-time trading session at Yuan 3,452/t. Robust spot market transactions after the holiday were behind the lift, Mysteel Global understood.
