Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis based on a series of related surveys and communication with market participants.
Rebar & wire rod: Construction steel prices are expected to hover low over April 6-10, as the destocking of finished steel inventories at both the steel mills and the traders continued but at a slower pace over March 30-April 3.
Hot-rolled coil: The downturn in HRC in the previous week may extend into April 6-10, primarily due to the persistent pressure from the tepid downstream demand and the consistent supplies from the steel mills.
Cold-rolled coil: CRC price may slide further over April 6-10 even after a steep week-on-week plunge of Yuan 164/MT on China’s national CRC price over March 30-April 3, as market demand remains bleak especially in the export market with the COVID-19 outbreak worldwide yet to be under control.
Medium plate: Market participants expect medium plate price to stabilize over April 6-10, as destocking at both the traders and steel mills’ warehouses continued over March 30-April 3, and the traders have been gradually shaking off the month-end cash pinch.
Sections: The section price may spiral downward over April 6-10, as some steel mills lowered their EXW offering prices over March 30-April 3, and the price of the key semi-finished steel – billet in Tangshan, North China’s Hebei province, decreased Yuan 80/MT on week to Yuan 3,030/MT on April 3.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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