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Chinese domestic prices of rebar should continue tracking upward over the short term as market players envisage the robust demand for the construction steel product continuing to linger, market sources shared on April 24. But they warned that prices were unlikely to refresh last December's 74-month high anytime soon.
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Crude steel production in Japan during the fiscal year 2017 ending March 31 slipped by 0.3% on year, or the first annual decline in two years, according to the data released by the Japan Iron & Steel Federation on April 20.
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China' s Purchasing Managers' Index (PMI) for the domestic manufacturing industry rose 1.2 basis points month on month to 51.5 in March, indicating that the country's manufacturing sector has been steadily improving, according to the latest release by China's National Bureau of Statistics (NBS) on March 31.
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Japan's crude steel output in February dipped by 8.1% on month to 8.3 million tonnes, according to the data released by Japan Iron & Steel Federation (JISF) on March 23.
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Prices of ferrous scrap in China's core steelmaking hub of Tangshan in North China's Hebei province continued their three-day decline Thursday, slipping by another Yuan 100-130/tonne ($15.8-20.6/t) to Yuan 1,880-2,325/t depending on grades and excluding the 17% VAT, Mysteel notes.
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China's steel prices stayed firm during the Chinese New Year break, with Mysteel's national average HRB400 20mm rebar benchmark price remaining at Yuan 4,134/tonne ($652/t) including 17% VAT as of February 21, and the average 4.75mm HRC price unchanged at Yuan 4,158/t including the 17% VAT.
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China's auto output and sales reverted down by 11.6% and 8.2% on month respectively in January, according to the latest statistics from the China Association of Automobile Manufacturers (CAAM) posted on February 9.
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China's promise to continue with its opening-up policy and its efforts in upholding globalization in the years to come will be good news to China's steel industry that is striving to evolve while removing excess steel capacities, Mysteel understands from the market.
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Mysteel's national average HRB 400 20mm rebar price were still dropping but at a slower rate on January 24, down another Yuan 16/tonne ($2.5/t) on day to Yuan 4,118/t including 17% VAT as of January 24 amid the tepid demand and severe weather.
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China maintained its top position in the world's auto output and sales for 2017 for the ninth straight year with the output hit 29 million units and sales 28.9 million units, according to the latest statistics from the China Association of Automobile Manufacturers (CAAM) on January 11.
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Shenzhen-listed Yunnan Copper Group in Southwest China's Yunnan province is seeking to enhance its domestic copper market share via the acquisition of a local copper miner - Yunnan Diqing Nonferrous Metals, a Yunnan Copper official confirmed on January 10.
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Anyang city, where Anyang Iron & Steel (Angang) is located in Central China's Henan province, requested all the sintering plants in local steel mills to halt operations on December 27-30 as the city's air pollution is expected to be at the most serious "red alert" level, according to a government post on December 27.
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Mysteel's national average HRB 400 20mm rebar benchmark price fell another Yuan 60/tonne ($9/t) day on day to Yuan 4,731/t ex-warehouse including 17% VAT on December 20, as the market demand cooled further and growing bearish sentiment among traders.
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China's steel prices have been retreating since December 13 after having set new multi-year highs a few times since November 15.
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China's steel prices continued to lose the driving force for further climb-ups on December 7 and declined for the second day after hitting a six-year high on December 5. The national benchmark price for HRB400 20mm rebar went down Yuan 52/tonne ($7.9/t) day on day to Yuan 4,833/t EXW including the 17% VAT as of Thursday.
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China's national average HRB400 20mm rebar benchmark refreshed its 5.5-year high again on November 29 by being up another Yuan 65/tonne ($9.8/t) day on day to Yuan 4,570/t, EXW including the VAT. The consecutive price hikes in rebar was mainly due to the remaining positive market sentiment amid the continuing four-month restrictions on the operations of steel mills "2+26" cities and the persistent congestions at ports such as Bayuquan Port.
