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RONSCO Weekly | May 16 Steel Market Recap: China’s steel prices slightly rebound

Date:2023-05-16View:191Tags:seamless tubes,FBE Coated Pipe,stainless steel

Hello everyone! Welcome to RONSCO Weekly! This article is to providing the latest Chinese steel prices and market trends every week. If you are interested in our information and article, please focus on our website to stay up to date with future updates.

 

Steel prices experienced a slight increase this week due to news from Tangshan. The regulatory authorities in the city announced that the production of crude steel this year will not exceed the amount from last year. Meanwhile, Rumors are circulating that Ganqimaodu port, the main source of coal imports from Mongolia, is planning to reduce its daily capacity to no more than 80 thousand tons!Recent developments have caused worries that the availability of steel products and materials may become limited, resulting in higher prices in the early part of the week. However, Despite a short-term uptick, the market remains sluggish due to ongoing weak demand.

 

Let's look at the availability of a product and the demand for it. China's steel production decreased by 180 thousand tons this week, while the demand for steel rose by 830 thousand tons, resulting in a total decrease in steel inventory of 840 thousand tons.  Nonetheless, Despite the recent surge in demand, it is likely due to the lack of demand during the holiday period, and the fact that supply still exceeds demand has not changed.

 

We anticipate that China's steel prices will continue to decrease, but not drastically. The reason for this is that there are certain factors that will limit the rate of decline. Lets looking ahead!

 

Well, lets break it down. First of all, after the last decrease, both raw materials and steel prices have reached their lowest point in the last two years, with coking coal even going below its two-year low. However, Despite the high supply levels, demand is still low. What is the outlook for the future? It is expected that steel prices will continue to go down over the next 2-3 months, until the supply of steel decreases and demand increases.

 

Well, how do you see the Chinese steel market? As always, The Chinese steel market is being monitored closely and the latest news and insights will be shared. If you found this article helpful, please focus on our website and we will update continuously next week! See you!