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The price of Q235 150mm square billet in Tangshan, a barometer of China’s steel market sentiment in North China, inched up by Yuan 40/tonne ($6/t) on week to Yuan 5,200/tonne EXW and including the 13% VAT as of July 23 to reach a two-month high, according to Mysteel's assessment.
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China’s steel prices including rebar and hot-rolled coil (HRC) continued with the strengthening in both the spot and futures markets over July 19-23, as the near-term market sentiment has been boosted on the anticipation of lower crude steel output for the remainder of 2021, Mysteel Global noted.
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The stocks of finished steel products held by trading houses across China monitored by Mysteel moved up for the sixth week over July 16-22, though the inventories only rose by a minor 0.1% on week, the latest stocks survey showed.
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Chinese steel producers showed less interest in exporting steel last week amid mounting concerns that the central government may impose new export taxes, according to Mysteel’s latest weekly report. In the meantime, they opted to raise export prices by a large degree.
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Capacity utilization among the 126 blast furnaces in Tangshan city, China’s top steel producing city in North China’s Hebei province, continued to rise last week, jumping by another 7.1 percentage points on week, as local mills brought more furnaces back into operation after restrictions on them were eased.
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China’s prices of both rebar and hot-rolled coil (HRC) stayed on the uptrend over July 12-16, and market sentiment improved too on the expectation of lower steel output for the remainder of 2021 and the possible support on the domestic steel prices. Besides, finished steel production declined over the week, and most traders showed the reluctance to lower their offering prices, according to market sources.
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The stocks of finished steel products held by Chinese trading houses monitored by Mysteel rose for the fifth successive week over July 9-15, mounting by 1% on week, according to the latest stocks survey.
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China’s steel export volume remained low over the week of July 3-9, mainly due to weak demand in the countries of ASEAN, the largest buyers of Chinese steel, according to Mysteel’s latest weekly report. The low prices in ASEAN were also responsible for China’s steel imports to pick up over the same period.
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Tangshan Q235 150mm square billet price, a barometer of China’s steel market sentiment especially for North China, rose further by Yuan 150/tonne ($23.2/t) on week to Yuan 5,020/tonne EXW and including the 13% VAT as of July 9, or having returned to the threshold of Yuan 5,000/t since June 15, though the market sentiment had been mixed with the downward pressure loitering.
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China’s steel prices including rebar and hot-rolled coil (HRC) had showed signs of steady recovery in both spot and futures market over July 5-9 after the grand celebration on July 1, and the domestic steel sentiment also improved with the spot steel sales picking up, Mysteel Global noted.
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The stocks of five major finished steel products held by the Chinese trading houses monitored by Mysteel increased for the fourth week over July 2-8, rising by 1.2% on week, the latest stocks survey shows.
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Chinese steel export prices and trade both remain weak last week, with the price of China-origin hot rolled coil falling for the seventh week in a row. Market sources blamed the outflow of low-priced Russian steel products for the downward pressure on prices.
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The price of Q235 150mm square billet in Tangshan, North China’s Hebei province, rebounded last week after two weeks of steady falls, reversing up by Yuan 30/tonne ($4.6/t) on week to Yuan 4,870/t EXW and including the 13% VAT, according to Mysteel’s latest report. But market watchers warn that weakening fundamentals will exert downward pressure in the near term.
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China’s steel prices were narrowly rangebound over June 28-July 2, with the domestic steel demand staying low during the slack season in summer while output down too because of the grand celebration of the centenary of the Communist Party of China on July 1 in Beijing, Mysteel Global noted.
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The stocks of finished steel products held by trading houses across China continued the upward trend and piled up for the third week over June 25-July 1, growing by another 2.3% on week, Mysteel’s latest stocks survey has found, indicating the steadily easing demand with the hot summer weather.
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Chinese steel export prices declined for the sixth week last week though at a faster pace than previously, due to weakening domestic market conditions and poor demand from the ASEAN region, the primary destination for Chinese steel exports, market sources indicated.
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Billet fundamentals in Tangshan, North China’s Hebei province, stayed weak with the latest curbs on local steel mills and steel re-rollers ahead of the centenary of the founding of the Communist Party of China (CPC) on July 1, Mysteel’s latest surveys showed.
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China’s prices of both rebar and hot-rolled coil (HRC) showed no signs of stabilizing from the recent softening yet over June 21-25, and the domestic steel market sentiment stayed rather subdued amid softening in both prices and demand in summer, a low steel consumption season, Mysteel Global noted.
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The stocks of finished steel products held by trading houses across China grew for the second week over June 18-24, rising by 1.7% on week, according to Mysteel’s latest stocks survey, suggesting that steel demand from end-users is easing during the rainy season and hot summer weather.
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Chinese steel export prices continued to move down for the fifth week last week and export trade remained inactive as buyers held back on concerns about possible steel export tax adjustments, Mysteel’s latest weekly report shows.
