Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of February is temporarily stable

Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of February is temporarily stable

I Review this week

1. Price

The mainstream market price of bearing steel in China remained stable this week. Currently, there are 5 major markets in China, GCr15 Φ The average price of 30 round steel is 5197.5 yuan/ton.

2.Overview of major markets

The price of bearing steel in the Liaocheng market is temporarily stable, with average transactions. The bearing steel spot in the Liaocheng market is relatively abundant in resources from Juneng and Jiyuan steel mills, with multiple traders maintaining a stock of around 1000 tons. This cycle's spiral market is fluctuating, with a cautious market mentality. The actual demand has not started significantly, and spot quotes are in line with the market, resulting in few market transactions. Overall, it is expected that the bearing steel prices in the Liaocheng market will fluctuate in the short term. Jiyuan Steel GCr15 Φ Reported at 4780 yuan/ton on 16-29.5, Juneng Special Steel GCr15 Φ Reported at 4650 yuan/ton for 16-90.

The price of bearing steel in the Hangzhou market is running steadily, and the actual demand for terminals has not yet started significantly. The spot inventory in the Hangzhou market is mainly composed of resources from Zhongtian Steel, Nanjing Steel, and Daye Special Steel, and the inventory level remains stable. In terms of the market, the atmosphere of spot trading is bleak, with most traders having poor shipments and fewer bulk order transactions. In terms of emotions, the current market prices are significantly suppressed by demand, and the mentality of merchants is weak. Overall, it is expected that the price of bearing steel in the Hangzhou market may fluctuate in the short term. As of publication, Zhongtian Steel GCr15 Φ 40-140 RMB 4730/ton, Daye Special Steel GCr15 Φ Reported at 5100 yuan/ton from 20 to 40.

The price of bearing steel in the Wuxi market is temporarily stable, with weak demand performance. The spot market in Wuxi is mainly composed of resources from Zhongtian Steel, Xingcheng Special Steel, and Benxi Steel, with most traders having a stock of around 1000 tons. After the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival, the market demand has not been significantly released for the time being. It still takes time for the market to recover. The circulation of spot resources is poor, the actual transaction is weak, and businesses are in a strong wait-and-see mood. Overall, it is difficult to see a significant improvement in market demand in the short term, and it is expected that the price of bearing steel in the Wuxi market will remain stable next week. As of publication deadline, Zhongtian Steel GCr15 Φ 40-140 RMB 4700/ton, Xingcheng Special Steel GCr15 Φ 31-90 reports 5820 yuan/ton.

The price of bearing steel in the Dalian market is running steadily, and merchants are in a strong wait-and-see mood. In the Dalian market, Bengang, Dongte Group, and Jianlong Beiman have abundant supply of goods, with multiple traders storing 3000-4000 tons. After the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival), the terminal enterprises returned to work and production in an all-round way, and the market demand was slowly repaired. In terms of inventory, considering the gradual arrival of pre holiday replenishment resources, the overall inventory in society is showing a slight accumulation. Overall, it is expected that the price of bearing steel in Dalian will remain stable next week. Current Benxi Steel Special Steel GCr15 Φ 81-130 reported 4750 yuan/ton, GCr15 from Dongte Group Φ Reported at 4900 yuan/ton for 86-180 yuan, Jianlong Beiman GCr15 Φ 30-75 reports 4850 yuan/ton.

The price of bearing steel in the Luoyang market is temporarily stable, and market demand is slowly recovering. In the recent stage, the main sources of goods in the Luoyang market are Jiyuan Steel, Daye Special Steel, and Hegang Stone Steel, with some traders storing around 1000 tons. Downstream terminals and merchants have already started construction, and the market is in the recovery stage, with slow demand release. Considering the potential for market recovery in the future, it is expected that the price of bearing steel in the Luoyang market may stabilize next week. As of publication deadline, Jiyuan Steel GCr15 Φ Reported at 4900 yuan/ton from 6.5-23, Daye Special Steel GCr15 Φ Reported at 5150 yuan/ton on the 20th and 40th, Hegang Shigang GCr15 Φ 131-180 yuan/ton.

3.Steel mills

The price adjustment situation of major bearing steel mills in China from February 23 to March 1 is as follows: a total of 3 steel mills have released price adjustment information in this period, with a total of 3 price adjustment information released. Next week, we should continue to pay attention to consumer demand and the impact of steel mill maintenance.

II Next Week Outlook

This week, the price of bearing steel has been running steadily. After the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival, the downstream and terminals returned to the market in succession, but the demand did not improve significantly. Most businesses said that their shipments were poor and batch orders were few. In terms of emotions, this week the merchants have a relatively calm mentality, with prices mostly focused on stability. In terms of inventory, pre holiday restocking resources have gradually arrived, and overall inventory has shown a slight accumulation. Overall, the current market destocking speed is slow, and the spot market prices are somewhat suppressed by demand, making it difficult for market prices to fluctuate significantly. It is expected that the bearing steel market prices will fluctuate slightly next week.