The overall performance of China’s hot-rolled coil market remained stable. The export price of China’s SS400 3mm thick hot-rolled coil was US$473/ton FOB, which was basically the same as last week.

Chinese Steel FOB Price (Unit: USD/ton)

Varieties	Port	Price (USD/ton)	Month-on-month decrease (US dollars/ton)
Hot-rolled coils(SS400)	Tianjin Port	492	-13
Cold-rolled coils(SPCC)	Tianjin Port	550	0
Hot-dip galvanized coils(DX51D)	Tianjin Port	595	-22
Medium and thick plates(SS400B)	Tianjin Port	505	-16
Rebar(B500B)	Zhangjiagang	501	+8
Wire rods(SAE1008)	Zhangjiagang	502	-34
Galvanization(SGCC)	Tianjin Port	584	-12

China’s Export Overview

In November, my country exported 9.278 million tons of steel, a year-on-year increase of 15.9%. In November, my country’s foreign trade in steel remained a net export. From January to November, my country’s net export of steel was 94.958 million tons, a year-on-year increase of 25.5%.

The annual steel export is expected to reach 110 million tons, which may exceed 2016 and rank second highest in history.

Steel Metal Latest Price

International Hot Rolled Steel Price (Unit: USD/ton)
Country	FOB Price
India(FOB)	$525/ton
Türkiye(FOB)	$575/ton
CIS(FOB)	$490/ton
China(FOB)	$477/ton
European Union Imports (CFR)	$609/ton
American Import (CFR)	$815/ton
Southeast Asia Import (CFR)	$510/ton
American Midwest Steel Factory price	$919/ton

Global manufacturing PMI rebounds

The global manufacturing PMI was 49.3%, and the JPMorgan Chase global manufacturing PMI rebounded from the contraction range to 50.0%. The global economic recovery showed signs of steady growth.

Global crude steel production showed a year-on-year growth trend.

Hot rolled coil

The price of Chinese hot-rolled coil (HRC) remained stable, with mainstream steel mills quoting at $525/ton FOB China. However, buyers generally waited and watched, and the intended price mostly remained around $490/ton FOB. Although traders reported that some steel mills provided more competitive quotation discounts to some customers to stimulate demand, the overall transaction situation was still not very active.

As of press time, the tradable price of Chinese export SS400 4.75mm hot coil was about $497/ton FOB Tianjin Port, down $5/ton from the previous week.

Medium plate

Prices rose slightly, but trading conditions remained weak. SS400 12-20 mm thick plate prices rose slightly, with export quotations rising slightly to $496/ton FOB, up $1/ton from last week, and overall export quotations rising to $515-545/ton FOB. However, buyers’ bids were still low, concentrated in the $490-492/ton FOB range, and the actual transaction price was $495-505/ton FOB. Chinese steel mills were under significant break-even pressure. The A36 grade medium and thick plate price for the Vietnamese market was $535/ton CFR. At the same time, the Korean market lacked purchasing demand due to the anti-dumping investigation against Chinese medium and thick plates.

STEEL REBAR

The overall price remained stable. The demand for industrial wire rods was weaker than that for building materials, but the rebound of rebar futures provided some support for wire rod prices. China’s wire rod export quotation was roughly stable at US$520-530/ton FOB. The market transaction price was between US$490-500/ton FOB. Despite the mild demand, exporters still held a steady outlook for the market outlook and kept their quotations firm.

Billet

The Chinese steel billet export market showed a trend of rising first and then falling. Some Chinese steel mills raised their quotations. The quotations of 3SP steel billets to Thailand and Indonesia rose by 5-10 US dollars to 490-495 US dollars/ton CFR. The quotations of 3SP steel billets to Manila were 485-490 US dollars/ton CFR. The FOB quotations of Chinese steel mills remained at 472-475 US dollars/ton FOB. The buyers’ intended prices were concentrated at 470 US dollars/ton CFR Manila, and the billet quotations were further reduced to 470 US dollars/ton FOB.

Summary and Outlook of Steel Price Market

The overall performance of China’s steel export market rose first and then fell. In particular, supported by the rise in rebar futures, exporters generally raised prices. However, with the pressure on demand, some export quotations have fallen back.

Looking ahead, market expectations on policy will continue to support steel prices, but the uncertainty of international demand has increased, especially anti-dumping investigations in countries such as Vietnam and India, which may put some pressure on exports. In the short term, prices will fluctuate with changes in policies and demand.

 

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