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The margins that China's blast-furnace steel mills earned on rebar sales improved somewhat in July, but the 91 Chinese BF steel mills sampled in Mysteel's latest monthly survey still lost money on selling bars last month, the latest data show.
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The blast furnace capacity utilization rate among 247 Chinese steel mills under Mysteel's regular survey had inched up for the second straight week over August 5-11, rising by another 1.62 percentage points on week to 81.22%, as more mills continued to resume operations or ramp up production with the improvement in their profit margins.
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China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,275/tonne ($634/t) including the 13% VAT on August 11, or having declined for the third day by another Yuan 8/t, while spot sales of construction steel including rebar had reversed from three days of declines by 19.3% on day.
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Inventories of the five major carbon steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate held by the 184 Chinese steel mills under Mysteel's regular survey continued declining over August 4-10 but at the slower pace of 0.3% on week to reach 4.75 million tonnes, as against the on-week fall of 7.5% over the prior week.
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Finished steel inventories held by traders across China continued falling over August 5-11, according to Mysteel data. The decline reflected fewer deliveries arriving at the traders' warehouses compared with the previous week, despite the sullen demand from end-users, sources commented.
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China's daily crude steel output reversed up during the first ten days of August to average 2.61 million tonnes/day, higher by 61,000 t/d or 2.4% from late July and ending the continuous fall since mid-June, Mysteel estimated, based on its regular survey among 247 blast-furnace and 85 electric-arc-furnace steel mills nationwide.
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Sales and production of automobiles throughout China increased on year in July by 29.7% and 31.5% respectively, according to the latest data released by the China Association of Automobile Manufacturers (CAAM) on August 11.
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On August 10, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment continued easing for the second working day by another Yuan 27/tonne ($4/t) to Yuan 4,283/t including the 13% VAT, while spot sales of construction steel including rebar had declined for the third consecutive day by another 1.6%.
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Chinese spot prices of 304-grade stainless steel under Mysteel's regular survey declined continuously during August 2-9, reflecting the fact that some traders had to trim their offer prices to encourage sales, given the mediocre trading in the physical market, according to industry sources.
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Chinese excavator sales to both domestic and overseas customers during July paused from fourteen months of declines, rising by 3.4% on year to 17,939 units, according to the latest data from the China Construction Machinery Association (CCMA) published on August 9. Total sales were lower by 13.6% on month, however.
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Prices of Chinese steel for export continued to strengthen this week on support of the recovery in the domestic steel market and improved market sentiment, Mysteel Global learned.
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Crude stainless steel output among China's stainless producers continued to decrease in July, with the total volume down another 8.5% on month to a six-month low of 2.4 million tonnes, according to Mysteel's latest monthly survey among the country's 33 domestic stainless makers.
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Baoshan Iron & Steel (Baoshan Steel), the listed arm of the world's largest steelmaker China Baowu Steel Group, has decided to lower its list prices for carbon steel hot-rolled coils (HRC) by Yuan 100/tonne ($14.8/t) for September domestic sales, according to the company's latest pricing policy released via its official WeChat account on August 9.
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China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,310/tonne ($638/t) including the 13% VAT on August 9, or having reversed down by a minor Yuan 2/t on day after a just one-day rebound, and spot sales of construction steel including rebar had eased for the second day by a large 24.7%, indicating shaky market sentiment and subdued steel demand from end-users.
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Chinese spot prices for carbon-steel hot-rolled coils increased for a third successive week last week, mainly underpinned by limited availability from mills, according to market sources.
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Rebar production among 137 Chinese steel mills under Mysteel's tracking had increased for the second week over July 28-August 3, up by a larger 5.7% or 132,200 tonnes on week to 2.46 million tonnes in total, as improved margins had boosted some steelmakers' enthusiasm in ramping up output.
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As of August 8, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment reversed from the decrease over the prior two working days, up by Yuan 46/tonne ($6.8/t) from last Friday to Yuan 4,312/t including the 13% VAT.
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The price of Q235 square billet under Mysteel's assessment in Tangshan in North China's Hebei province, the country's largest steel production hub, posted the third successive on-week rise of another Yuan 80/tonne ($11.8/t) to reach Yuan 3,710/t EXW and including the 13% VAT as of August 5.
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Over August 1-5, China's domestic steel prices comprising rebar and hot-rolled coil (HRC) increased further on week in both physical and futures markets. Chinese steel market fundamentals showed signs of improvement in general, despite the rise in output of some finished steel products, which was kept within a reasonable range, Mysteel Global noted.
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Below is the brief near-term outlook for the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with Chinese market participants.
