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Shagang Group, China’s largest rebar producer, has decided to remain all its long steel products prices unchanged for the second ten-day sales period over September 21-30, as no notable improvement has been spotted in the country’s domestic steel market, Mysteel Global understood from the company’s pricing policy released on Monday.
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Mergers and acquisitions since 2016 have grown China’s Baowu Steel Group (Baowu) into the world’s top steel producer as well as hitting its ambitious target of a 100 million tonnes/year steelmaking capacity one year ahead of schedule, and M&As will be a main theme in the company’s next five-year development, Chen Derong, the company chairman, sent a clear message.
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The price of iron ore, the core steelmaking raw material in China softened further while the coke price stayed unchanged over September 14-18 in the physical market on the dampened market sentiment when the domestic steel consumption had not been as robust as expected and domestic steel prices had been under pressure.
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This week, Turkish steel mills kept themselves away from deep-sea scrap market. Nevertheless, suppliers are still hesitant on a sharp decline in imported scrap offers considering tighter availability.
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The prices of both rebar and hot-rolled coil (HRC) in China’s physical market declined further over September 14-18, as the domestic steel production remained stable while the demand recovery was below the expectation, Mysteel Global noted.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel-market sentiment, continued its downtrend to reach Yuan 3,795/tonne ($561/t) including the 13% VAT as of September 18, losing a slight Yuan 1/t on day, according to Mysteel’s data.
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SteelMint's weekly low-grade iron ore fines (Fe 58/57%) FOB India index stable today at $78/t FOB India in the recent deals concluded. SteelMint's last week index stood at $78/t FOB India. After decent deals of around five shipments being reported early this week, sentiments have softened following a steep decline in the Chinese futures & spot prices. In addition to it, upcoming holidays in China are likely to keep demand slow.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Prices for imported iron ore in China’s portside and seaborne cargo markets rebounded after a three-day dip on September 18, with Mysteel’s PORTDEX 62% Fe Australian Fines index up by Yuan 5/wmt ($0.7/wmt) on day to reach Yuan 932/wmt FOT Qingdao and including the 13% VAT. Similarly, the SEADEX 62% Fe Australian Fines price also climbed by $3.1/dmt on day to reach $124.65/dmt CFR Qingdao.
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Stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, rose for the second consecutive week over September 11-17, though at a faster pace of 2.2% against the 0.6% rise over the prior week, according to Mysteel’s weekly survey. The persistent weakness of demand from end-users and the pickup in arrivals at traders’ warehouses were mainly responsible.
