Weekly Summary: 2023 China Bearing Steel Market Trend in First Week of November is Temporarily Stable
Weekly Summary: 2023 China Bearing Steel Market Trend in First Week of November is Temporarily Stable
1. Review of this week
【Price】
The mainstream market price of bearing steel nationwide is temporarily stable this week. The current average price of GCr15Φ30 round steel in the five major markets across the country is 4,686 yuan/ton.
[Main market overview]
The price of bearing steel in Liaocheng market is temporarily stable, and merchants are cautiously waiting to see. In the Liaocheng market, Juneng and Jiyuan steel plants have relatively abundant supply, and the inventories of many traders remain at around 1,500 tons. At present, the space for release of demand from terminal enterprises is limited, the market enthusiasm is insufficient, merchants are under great price competition pressure, and shipping operations are mainly fast in and fast out. Some traders still have expectations for the market outlook. Taking into account the rise in raw material prices, the support for bearing steel prices is acceptable. It is expected that the price of bearing steel in the Liaocheng market may stabilize and strengthen in the short term. Currently, Jiyuan Steel GCr15Φ16-29.5 is quoted at 4,680 yuan/ton, and Juneng Special Steel GCr15Φ16-90 is quoted at 4,400 yuan/ton.
The price of bearing steel in the Hangzhou market is generally stable, and the market trading atmosphere is average. The actual arrival situation in the Hangzhou market has improved slightly recently. The spot inventory is mainly resources from Zhongtian Steel, Nanjing Steel, and Daye Special Steel, and most traders maintain inventory at around 1,000 tons. In terms of the market, terminal companies are cautious in purchasing, are short of resources due to small replenishment, and transactions are not smooth at high market levels. The situation of weak market supply and demand may continue. In terms of prices, due to weak market demand, some traders choose to lower prices quietly to promote shipments, and there are many low-price resources. Taken together, it is expected that the price of bearing steel in the Hangzhou market may be temporarily stable in the short term. As of press time, Zhongtian Steel GCr15Φ40-140 was quoted at 4,550 yuan/ton, and Daye Special Steel GCr15Φ20-40 was quoted at 5,050 yuan/ton.
The price of bearing steel in the Wuxi market remains stable, and merchants are cautiously waiting. The spot stocks in the Wuxi market are mainly resources from Zhongtian Steel, Xingcheng Special Steel, and Benxi Iron and Steel, and most traders have inventories of more than 1,000,000 tons. At present, downstream procurement is on demand, high-priced resources in the market are slowly leaving the warehouse, low-priced resources are available for sale, and business sentiment has eased. Taken together, it is expected that the price of bearing steel in the Wuxi market may be temporarily stable in the short term. As of press time, Zhongtian Steel GCr15Φ40-140 was quoted at 4,550 yuan/ton, and Xingcheng Special Steel GCr15Φ31-90 was quoted at 5,820 yuan/ton.
The price of bearing steel in the Luoyang market remained stable, but the transaction did not meet expectations. There are not many resources arriving in the Luoyang market this week. Jiyuan, Daye Special Steel and Hegang Shigang are the main sources of goods on the market. Some traders have inventories of around 1,000 tons. Downstream terminals and traders are cautious in purchasing, market demand is relatively weak, merchants are in a wait-and-see mood, and their willingness to restock is low. Considering that steel mills may have maintenance plans in the future, it is expected that Luoyang bearing steel prices may fluctuate in the short term. As of press time, Jiyuan Steel GCr15Φ6.5-23 was quoted at 4,800 yuan/ton, Daye Special Steel GCr15Φ20-40 was quoted at 5,150 yuan/ton, and Hegang Shigang GCr15Φ131-180 was quoted at 4,650 yuan/ton.
【Steel factory】
The price adjustment situation of major bearing steel mills across the country from October 27th to November 3rd is as follows: A total of 2 steel mills released price adjustment information in this period, with a total of 2 price adjustment information released. Next week, we should continue to pay attention to the impact of consumer demand and steel mill maintenance.
2. Outlook for next week
It is expected that the bearing steel market price may stabilize and strengthen next week.
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