Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis basing on a series of related surveys and communication with market participants.
Rebar & wire rod: Construction steel prices are expected to stay rangebound over March 30-April 3, as finished steel production at Chinese steel mills continued to rise and inventories at the traders still hovered at a rather high level of 17.5 MnT as of March 26.
Hot-rolled coil: The HRC may witness further downturn over March 30-April 3, mainly because of the persistent pressure from the tepid downstream demand and the possibility that production at the steel mills may bottom out in the week ahead.
Cold-rolled coil: Market participants expect CRC price to slide further over March 30-April 3, citing lackluster domestic demand and bleak export scenarios as the COVID-19 outbreak worldwide has been escalating over the past few weeks.
Medium plate: The price of medium plate may continue to inch down over March 30-April 3, as some Chinese steel mills may opt to trim their EXW offering prices instead of cutting down on their production.
Sections: The section price may wobble modestly over March 30-April 3, as the benchmark billet price in Tangshan, North China’s Hebei province dropped Yuan 50/MT on week to Yuan 3,110/MT on March 27, clouding the price outlook for all sections.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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