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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for January delivery jumped by Yuan 133/tonne ($19/t) on week to Yuan 3,545/t as of November 15.
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Tangshan Q235 150mm square billet price remained steady at Yuan 3,330/tonne ($476/t) EXW and including 13% VAT as of November 8, the same as last Friday, while demand from local re-rollers eased, according to Mysteel’s surveys, and the billet price has been hovering at the level of Yuan 3,300/t for over one month amid the overall steadiness in the domestic steel market.
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The continuous decline in China’s steel export prices over the past few weeks took a pause over October 26-November 1, with Mysteel’s B500B rebar export price averaging $455/tonne FOB Shanghai port, flat from the prior week, while the export price for SS400 4.75mm hot-rolled coil (HRC) was unchanged at $440/t FOB Bayuquan in Northeast China’s Liaoning province.
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Mysteel’s benchmark price for Q235 150mm square billet in Tangshan, the weathervane of China’s steel market, declined to Yuan 3,330/tonne ($472.3/t) EXW and including the 13% VAT as of November 1, lower by Yuan 30/t on week. Moreover, the price of the semi is seen taking more of a pummelling due to shrinking demand against increasing supply from outside suppliers, market sources indicated.
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A new round of emergency production curbs will be imposed on many steel mills in North and East China beginning in the next few days, Mysteel Global has learned, as a response to warnings from both the central and local meteorological administrations about air quality deteriorating in the near future.
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Mysteel’s Q235 150mm dia billet benchmark price in Tangshan in North China’s Hebei province, increased steadily over the past week after tumbling by a total of Yuan 40/tonne ($5.7/t) during October 18-21. The price of the semi eventually settled at Yuan 3,360/t EXW and including the 13% VAT as of October 25, up Yuan 10/t on week.
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Stocks of the five major steel products held be traders that Mysteel regularly surveys in 35 Chinese cities continued to decline over October 18-24, slipping by another 599,300 tonnes or 5.7% to 9.87 million tonnes, a low since January 18, according to Mysteel’s latest survey.
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China’s steel export prices slid further during the week of October 12-18 and sales continued to soften, market sources indicated on Monday.
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Billet stocks at trading houses in Tangshan, North China’s Hebei province, declined to its nine-month low of 188,900 tonnes as of October 17 amid robust consumption while limited supply over October 10-16, Mysteel’s latest survey showed on October 18.
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The benchmark price of Q235 150mm square billet in Tangshan city, a bellwether price of China’s steel market, increased by Yuan 50/tonne ($7/t) from September 27 (prior to China’s National Day holiday spanning October 1-7) to Yuan 3,370/t EXW and including the 13% VAT as of October 11, as demand has recovered with the resumption of operations among the city’s steel re-rollers.
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Steel inventories at both traders and steel mills reversed down over October 9-10 after increasing markedly during China’s National Day holiday over October 1-7, according to Mysteel’s latest survey published on October 11. The stock levels thinned mainly because traders and end-users returned to the market after the holidays with renewed vigour for buying, but market sources remain concerned about stock digestion in the future.
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The supply-demand balance in billets in Tangshan in North China’s Hebei province remained weak during China’s National Day holiday break over October 1-7, but equilibrium has been gradually recovering, now that integrated mills and steel re-rollers in the city are resuming production.
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Mysteel’s Q235 150mm square billet benchmark price in Tangshan in North China’s Hebei province increased over the week to September 27 but only marginally, rising by Yuan 10/tonne ($1.4/t) on week to Yuan 3,320/t EXW and including the 13% VAT, as of last Friday.
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Billet stocks at trading houses in Tangshan of North China’s Hebei province had seen its declines at a slower pace over September 13-19, as local steel re-rollers’ appetite for the semi-finished feedstocks shrank on another round of production suspension since September 23, market sources shared on September 24.
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For the week of September 14-20, China’s steel export prices continued to slide but sales showed signs of improvement, market sources indicated on Tuesday.
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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.
