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 prices of these longs may increase over March 29-April 2, mainly underpinned by the robust demand and lower stocks, as rebar stocks in the commercial warehouses in China’s 132 cities, for example, declined for the third week as of March 25, down another 4.4% on week to 17.2 million tonnes.
Hot-rolled coil: The HRC price may move up in the week ending April 2, mainly driven by the increasing demand and declining stocks, as the stocks in China’s 55 cities decreased for the third week, dipping by 4.1% on week to 4.1 million tonnes as of March 25.
Cold-rolled coil: The price is likely to inch up in the week to April 2, as end-users are still absorbing the high-priced stocks accumulated before the Chinese New Year holiday.
Medium plate: The price may strengthen over March 29-April 2, mainly supported by the strengthening demand.
Sections: The price is forecast to hover in the week ending April 2, as most end-users will be with growing cautiousness amid high prices, and the feeds for the re-rollers, the Q235 150mm square billet in Tangshan, North China’s Hebei province, saw its prices surge by Yuan 150/tonne ($23/t) on week to Yuan 4,770/t EXW including the 13% VAT as of March 28, or refreshing a 12.5-year high.
Written by Yi Xia, xiayi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Photo: China Knowledge
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