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The most-traded rebar contract on the Shanghai Futures Exchange, that for deliveries in January 2020, lost another Yuan 59/tonne on September 20 from the previous day’s settlement price or by a total of Yuan 161/t on week over the September 12-20 week to end the daytime trading session at Yuan 3,388/t.
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The benchmark price of Q235 150mm square billet in Tangshan, one of the key indicators of China’s steel market sentiment, continued to climb last week but only by a mild Yuan 10/tonne ($1.4/t) on week to Yuan 3,370/t EXW and including the 13% VAT as of September 12, as demand from local steel re-rollers remained firm over the week.
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Stocks of the five major finished steel items at Chinese traders and steel mills declined further during the week of September 5-11, mainly due to the fact that actual demand witnessed increases as downstream consumers showed stronger intention for making procurement, Mysteel Global learned from the market.
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The continuous falls in Chinese carbon steel export prices over the past few weeks took a pause over August 31-September 6 as domestic steel exporters and overseas buyers reached a stalemate on price after a seesaw battle, market sources observed Monday.
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The Tangshan Q235 150mm square billet benchmark price, the weather vane of China’s steel market sentiment especially for the north region, rebounded by Yuan 60/tonne ($8.4/t) on week to Yuan 3,360/tonne EXW and including the 13% VAT as of September 6, as local re-rollers had been procuring in volumes with their resumption of operations since the start of September.
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Mysteel’s Tangshan Q235 150mm square billet benchmark price, the weathervane of Chinese steel market trends, slumped by a total of Yuan 120/tonne ($16.8/t) on week to Yuan 3,300/t EXW and including the 13% VAT as of August 30, refreshing an eight-month low since January 4.
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China’s steel export prices slipped at a faster pace over August 24-30, with Mysteel’s B500B rebar price, for example, down to $475-485/tonne FOB Shanghai port from the previous week’s $485-490/t, as against a $5/t week-on-week decline over August 17-23, and sales in general stayed sluggish, according to Mysteel’ weekly survey on the market.
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Mysteel’s price for Tangshan Q235 150mm square billet, the barometer of Chinese steel market sentiment, declined to an eight-month low of Yuan 3,350/tonne ($496.5/t) as of August 26, down a total of Yuan 90/t on week.
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The average gross margin that Tangshan billet producers in North China’s Hebei province earned on their semis last week declined by another Yuan 30/tonne ($4.3/t) on week to Yuan 220/t including the 13% VAT as of August 16, according to Mysteel’s latest survey across ten Tangshan steel producers. The findings show that their net profits were well below Yuan 100/t after the Yuan 150-200/t of operation and management costs is deducted.
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Capacity utilization of the 138 blast furnaces operated by steelmakers in Tangshan, China’s top steel producing hub in North China’s Hebei province, recovered by a large 14.7% over August 2-8 to 73.2%, according to Mysteel’s latest survey published on August 9, as strict production curbs on the city’s steelmakers in late July were eased since the beginning of this month.
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Mysteel’s Tangshan Q235 150mm billet price, the barometer of China’s steel market, slumped by Yuan 70/tonne ($10/t) on week to Yuan 3,580/t EXW and including the 13% VAT as of August 2 – despite the fact that re-rollers in the city had replenished their stocks of semis prior to and after their restart of operations from August 1, Mysteel Global understands.
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Billet inventories at 14 trading houses including Caofeidian and Jingtang ports in Tangshan, China’s top steel producing city in North China’s Hebei province, continued to decline for a third week last week – but only by 4,100 tonnes or 1% on week – to reach 383,300 tonnes as of July 25.
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Blast furnace capacity utilization among the 247 integrated steel mills across China which Mysteel tracks remained at a relatively high level of 80.73% during the week of July 19-25, with the average rate rising by a tiny 0.3 percentage point and bringing an end to six successive weeks of decline, according to Mysteel’s latest weekly survey released on July 26.
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Billet inventories at the 12 warehouses and two ports in Tangshan city, North China’s Hebei province, fell at a slower pace of 82,300 tonnes on week to 383,300 tonnes as of July 18, as local re-rollers have been ordered for suspension over July 16-31.
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Stocks of the five major finished steel items at the 184 steelmakers across China under Mysteel’ weekly survey increased for the second week by another 3.4% on week to about 5 million tonnes for July 11-17, with that for rebar up the most by 4.3% on week to 2.37 million tonnes.
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Mysteel’s Tangshan Q235 150mm square billet price, a key indicator of China’s steel market sentiment, especially for long products, increased Yuan 30/tonne ($4.4/t) on week to Yuan 3,650/t EXW and including the 13% VAT as of July 12, as supply had reduced because of the ongoing restrictions on local steel mills since late June.
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Billet consumption among the 96 steel re-rollers in Tangshan, China’s top steel production city in North China’s Hebei province, averaged 60,900 tonnes/day over June 27-July 3, according to Mysteel’s latest survey. This was higher by a significant 25,400 tonnes/day or 41.7% on week as re-rollers returned to production from July 1 after their operations had been halted for over half a month.
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As Tangshan's local government step up its efforts against air pollution, an announcement was made on June 23, 2019. There will be stricter production curbs in place on some steelmakers' processes, from sintering to steel refining.
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Billet prices in Tangshan, China’s top billet production base in North China’s Hebei province, have climbed sharply and continuously over the past few days after the city government announced intensified production curbs on steel mills. However, market insiders warn that prices could still retreat.
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Billet inventories in Tangshan, China’s largest steel producing city in North China’s Hebei province, saw their first increase in over two months last week, due to poorer demand from downstream users in the local market, Mysteel Global learned Monday.
