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.
Rebar & wire rod: The price may trend downward moderately over September 14-18, even though demand is expected to pick up before China’s National Day holiday week over October 1-8, as the steel mills in the provinces of Hebei, Jiangsu and Sichuan may ramp up production after a series of maintenance this week.
Hot-rolled coil: The price is forecast to drift down in the week through September 18, as spot trading softened last week amid tepid demand from end-users, despite the traders’ efforts to conclude more deals by lowering their offering prices.
Cold-rolled coil: Market participants anticipate the price to hover high over September 14-18, citing the continued decline in the traders’ inventories and Baosteel’s latest Yuan 200/tonne ($29.3/t) hike for October CRC sales announced on September 10.
Medium plate: The price is anticipated to spiral down over September 14-18, mainly under the pressure of the mounting inventories at the traders and the insufficient orders the steel mills have received from the end-users.
Sections: The price may lose some steam over September 14-18, as the price of billet, the key feed for section rollers, took a nosedive in the week ending September 11. The price of Q235 150mm square billet in Tangshan, for example, slumped by Yuan 80/t on week as of last Friday to Yuan 3,400/t EXW including the 13% VAT.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Photo Credit: World Steel
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