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China’s steel export market remained tepid last week, even though the price gaps between Chinese sellers and their major competitors narrowed, according to Mysteel’s latest weekly report. By contrast, Chinese interest in imports, especially those of wire rod, became more active, trader sources say.
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The Q235 150mm square billet price in Tangshan, the country’s top steel producing city in North China’s Hebei province, declined by Yuan 50/tonne ($7.8/t) on week to Yuan 5,250/t EXW and including the 13% VAT as of October 15, according to Mysteel’s assessment. Market insiders attributed the price declines to poor billet trading.
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Over October 11-15, China’s domestic steel prices including rebar and hot-rolled coil (HRC) eased in both spot and futures markets, largely due to the pessimistic market sentiment in the near term, Mysteel Global noted.
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Chinese steel export volumes remained tepid during and after the National Day holiday week over October 1-7, market sources said on October 12. Steel export prices continue to gain in tandem with rising domestic steel prices, making exporting even harder, they said.
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On October 8, the first business day after China’s National Day holiday over October 1-7, the domestic prices of both rebar and hot-rolled coil (HRC) posted gains in the physical and futures markets, in response to the market optimism on demand in the near term, Mysteel Global noted.
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As of October 7, the Q235 150mm square billet price in Tangshan hit a new high since May 19, reaching Yuan 5,290/tonne ($821/t) EXW and including the 13% VAT, or up Yuan 80/t from September 30, as demand had picked up with the resumption of operations among local steel re-rollers while supply had shrunk, Mysteel’s first assessment after the National Day holiday over October 1-7 showed.
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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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As of September 24, Tangshan Q235 150mm square billet price under Mysteel’s assessment reversed from four consecutive weeks of increases, down Yuan 40/tonne ($6.2/t) on week to Yuan 5,170/t EXW and including the 13% VAT, as demand shrank from local steel re-rollers, Mysteel’s latest survey gathered.
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Over September 22-24, China’s prices of rebar and hot-rolled coil (HRC) in the physical market continued to go to opposite directions, according to Mysteel’s assessments, while both their futures prices eased further, and steel demand after the Mid-Autumn Festival on September 20-21 had not shown signs of sustaining improvement.
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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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Tangshan Q235 150mm square billet price under Mysteel’s assessment appeared resilient as of September 18, or up for the fourth week though by just Yuan 10/tonne ($1.5/t) to Yuan 5,210/t EXW and including the 13% VAT, despite that demand had shown signs of waning on re-rollers’ thinning margins or lossmaking, market sourced noted.
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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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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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Billet inventories in Tangshan city, the top billet supply base in North China’s Hebei province, declined rapidly last week thanks to strong local consumption demand, Mysteel’s latest weekly surveys indicated.
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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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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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Daily consumption of billet across Mysteel’s survey sample of 55 steel re-rollers in Tangshan, China’s top billet production base, averaged 112,400 tonnes/day over August 26-September 1 – more than double the volume over August 19-25 – as local steel re-rollers actively resumed operations last week as soon as they were allowed, according to Mysteel’s latest weekly survey.
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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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Blast furnace (BF) capacity utilization rate among China’s 247 steelmakers under Mysteel’s survey remained largely steady over August 27-September 2, reversing from two weeks of modest declines, up but merely 0.15 percentage point on week to 85.45%, suggesting that steel output among the steel mills varied little on week now that many provinces in the country have been restricting their local steel output.
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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.
