WEEKLY: Near-term outlook on China's steel products
Rebar & wire rod: Prices of these longs may grow over February 27-March 3, as market sentiment has turned better with the improving demand from end-users.
Besides, rebar stocks at the warehouses paused from an eight-week rise, giving a boost to the prices. As of February 23, rebar stocks at the 429 warehouses in 132 Chinese cities under Mysteel's tracking reached 13.1 million tonnes, down by 1,600 tonnes on week.
Hot-rolled coil: This price may ease in the week ending March 3, as many traders are likely to compromise on prices to facilitate sales, with more deliveries from mills.
Cold-rolled coil: The price may be narrowly range-bound this week, as the spot trading volume has been lower than expected. Besides, the stocks at the warehouses have also hovered at a high level, which may weigh on the prices.
As of February 23, CRC stocks at the 182 warehouses in 29 Chinese cities under Mysteel's tracking stood at 2.2 million tonnes, despite an on-week decline of 24,700 tonnes.
Medium plate: The price may fluctuate in a small range this week, as the decline in mills' output has lent some support to the prices. However, end-users have opted to stay on the sidelines with most traders firming their offering prices.
Total plate output at the 37 steelmakers Mysteel tracks eased by 1.9% on week to 1.4 million tonnes as of February 22.
Sections: Prices may lose some ground over February 27-March 3, as many traders are willing to sell off some volumes at lower prices, given their high stocks at hand.
Written by Villanelle Xia, xiayi@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
DAILY: China's rebar price dips another $4/t, sales low
Mar 28, 2024 10:30
Pessimism casts shadow over China's iron ore market again
Mar 27, 2024 17:55
DAILY: China's rebar prices track lower, sales poor
Mar 27, 2024 10:30
India steel index hobbles in bear territory for over 5-mth
Mar 27, 2024 08:30
DAILY: China's rebar prices retreat again, spot sales dip further
Mar 26, 2024 10:30