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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, emptied by another 8,192 tonnes or 1.1% on week over May 13-19 to reach 751,715 tonnes, according to Mysteel's new survey.
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Inventories of the five major carbon steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate at the 184 Chinese steel mills under Mysteel's regular survey reversed down slightly by 0.2% on week over May 12-18 after the continuous rise over the prior three weeks, mainly thanks to increased deliveries to traders' warehouses and the decrease in mills' output.
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Chinese spot prices of 304-grade stainless steel under Mysteel's tracking softened over May 10-17, with demand from stainless buyers waning further amid the continuing impact of resurging COVID-19 cases in many regions and high-priced resources, according to market sources.
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Lacklustre demand from overseas buyers led prices of Chinese steel exports to continue softening over the past week, though the rate of decrease was much slower compared with the prior week, Mysteel Global learned.
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Rebar production among the 137 Chinese steel mills surveyed by Mysteel increased for the second week over May 5-11, rising by 0.9% or 26,300 tonnes on week to reach 3.1 million tonnes, as steel producers particularly those in Southwest's Guangxi and Sichuan and Northeast China's Jilin and Heilongjiang were eager to ramp up operations, according to Mysteel's weekly survey.
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Over May 5-11, total production of hot-rolled coil (HRC) among the 37 Chinese flat steelmakers under Mysteel's tracking increased for the sixth week, as some steelmakers in North China resumed normal production, market sources said.
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Chinese steel prices of both rebar and hot-rolled coil (HRC) trended downwards in both spot and futures markets over May 9-13, partly due to the softening in steelmaking raw material prices and the cautious near-term market sentiment, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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Over May 6-12, inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, retreated by 3.5% on week after the rise over the previous week, mainly owning to limited deliveries to traders' warehouses, though demand from end-users remained tepid, according to Mysteel's new survey.
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Inventories of the five major carbon steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate at the 184 Chinese steel mills under Mysteel's regular survey continued to climb to a 13-month high of 7 million tonnes over May 5-11. However, the on-week rise slowed to 0.3%, as against the previous week's 1.5%.
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Spot prices of 304-grade stainless steel in China remained steady over May 5-10, according to Mysteel's assessment. Market sources observed that restocking among stainless users after the Labour Day holiday over April 30-May 4 lent some support to prices, but that despite the minor recovery, overall demand remains tepid.
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Over April 28-May 4, rebar production among 137 Chinese steel mills under Mysteel's tracking reversed from three weeks of declines, rising 66,800 tonnes or 2.2% on week to reach 3.1 million tonnes, mainly as some rebar rolling lines had been brought back to production during China's Labour Day holiday over April 30-May 4, according to survey respondents.
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Over April 28-May 4, total production of hot-rolled coil (HRC) among 37 Chinese flat steelmakers under Mysteel's tracking reached a nine-month high of 3.2 million tonnes after growing for the fifth consecutive week, as some mills in North China resumed normal production last week, market sources shared.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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China's domestic steel prices including both rebar and hot-rolled coil (HRC) moved up on May 5, the first working day after the Labour Day holiday, before making downward corrections in the following couple of days. Last week, the market sentiment was generally optimistic on the anticipation of better steel demand with the easing of COVID-related controls, Mysteel Global noted.
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Chinese steel export prices were largely stable both during and after the Labour Day holiday of April 30-May 4, market sources said, pointing out that export sales were rather quiet.
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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, reversed up over April 29-May 5 after the short-lived retreat during the prior week, according to Mysteel's latest weekly survey. Sources said the rise mainly reflected increased deliveries to traders' warehouses and the weak demand from stainless users over the Labour Day holiday over April 30-May 4.
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Inventories of the five major carbon steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate at the 184 Chinese steel mills under Mysteel's regular survey continued to mount during April 28-May 4, rising by another 1.5% on week to 6.99 million tonnes.
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China's domestic steel prices of rebar and hot-rolled coil (HRC) weakened over April 25-29, mainly due to the decline in raw material prices and slower-than-expected improvement in demand ahead of China's Labour Day holiday over April 30-May 4, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants. May 7 is a substitute working day for China's Labour Day holiday over April 30-May 4.
