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After bottoming out from the previous slump and stabilizing in the second half of July, Chinese steel prices are likely to maintain their momentum and rebound further in August, Wang Jianhua, Mysteel's chief analyst, predicted in his monthly outlook, noting that market sentiment and the recovery of fundamentals are supporting the improvement.
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After a round of sharp declines in June, Chinese steel prices stand a chance of recovering this month, despite some downward pressure on multiple fronts, Wang Jianhua, Mysteel's chief analyst, suggests in his monthly market outlook.
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Stocks of major finished steel items held by Chinese traders sampled by Mysteel ended four straight weeks of declines over June 3-9, reversing up 2.6% or by 627,200 tonnes on week, according to Mysteel's latest stocks survey. Mainly responsible for the uptick were the continued heavy downpours in the southern and central parts of China which thwarted any substantial improvement in actual steel demand from end-users, sources remarked.
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The lingering downward pressure from dull end-user demand and mounting trader inventories led spot prices of Chinese 304-grade stainless steel tracked by Mysteel to weaken further over May 31-June 7, according to market sources.
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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, continued to empty over May 27-June 2, down for the fourth week by another 11,977 tonnes or 1.6% on week to 735,674 tonnes, according to Mysteel's latest weekly survey.
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Finished steel inventories held by traders across China declined again during May 27-June 2, shrinking by another 0.6% on week - albeit at a slower rate than the 1.2% decline seen in the prior week, Mysteel's latest weekly survey showed. Market sources warned that the pick-up in demand after the decline in the nation's COVID-19 caseload currently may be impeded as the season of scorching weather, storms and occasional floods is approaching.
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The downward slide in domestic prices of 304-grade stainless coil across China continued over May 24-31, with prices coming close to hitting three-month lows, Mysteel's survey has found. Market sources observed that both stainless steelmakers and traders trimmed their offer prices in response to the weak market fundamentals.
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China's national average price of primary zinc ingot (at least 99.995%) under Mysteel's assessment remained rangebound last week, dipping by Yuan 4/tonne ($0.6/t) on week to Yuan 25,934/t as of May 27, before rebounding over the weekend to reach a three-week high of Yuan 26,258/t on May 30. The price was pressured by weak demand but supported by high costs, sources noted.
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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, declined further over May 20-26 though at the slower pace of 0.5% on week, as against the on-week fall of 1.1% over the prior week, according to Mysteel's new survey. Demand from end-users remained depressed, survey respondents explained.
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Steel inventories held by Chinese traders surveyed by Mysteel decreased further by 278,300 tonnes on week during May 20-26, though the rate of fall was slower compared with the 422,300 tonnes decline in the previous week, new survey data show. Buying enthusiasm among end-users had been dampened by the weakening steel prices in the domestic market, respondents said.
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China's domestic prices of 304-grade stainless steel inched down for the second week over May 17-24, according to Mysteel's tracking. Market sources blamed the further price dip on sustained weak market fundamentals, evidenced by high levels of stainless stocks and slack end-user demand.
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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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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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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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The torrential rain drenching wide swathes of southern China since May 9, especially coastal regions in Guangdong, Guangxi and Fujian provinces, is hampering work at construction sites, disrupting logistics and impacting steel demand and scrap supply, market sources told Mysteel Global Thursday.
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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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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 finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, emptied slightly over April 22-28 due to the decrease in deliveries to traders' warehouses, according to Mysteel's latest weekly survey.
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Domestic spot prices of 304-grade stainless steel in China under Mysteel's survey slid during April 19-26, as softened sentiment among traders and stainless steelmakers led them to lower their offering prices, albeit mildly, according to market sources.
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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, have continued to swell for the fourth week over April 15-21 due to increased arrivals to traders' warehouses and lackluster demand, according to Mysteel's latest weekly survey.
