Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of March is temporarily stable

Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of March is temporarily stable

1、 Review of this week

[In terms of 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.

[Main Market Overview]

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 week, the prices of coking coal and coke have been weak, and the trading atmosphere in the spot market is relatively cold. Considering the high initial storage costs, the spot quotation is mainly stable. At present, merchants have weak expectations for the future market, and market transactions are average. Overall, it is expected that the bearing steel prices in the Liaocheng market will fluctuate and weaken 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, but downstream procurement enthusiasm is weak. 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. At present, the recovery of market demand is slow, and downstream and terminal purchases continue to be essential. Spot prices follow the market, and market transactions are few. In terms of emotions, the current market is showing a situation of strong supply and weak demand, and market prices are significantly suppressed by demand. Merchants have weakened their expectations for the future market. Overall, it is expected that the price of bearing steel in the Hangzhou market will stabilize and weaken 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. This week, raw material prices have continued to weaken, and the market inquiry hotline has increased compared to last week. Downstream and terminal purchases continue to be in demand. However, considering the high initial storage costs, most merchants are not willing to lower prices, and their quotations are temporarily stable. 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 mainly operate weakly and steadily 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 currently stable, and businesses 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. Downstream terminal enterprises are cautious in procurement, market demand is slowly recovering, and transactions are relatively bleak. In terms of emotions, considering the insufficient cost support and the fact that it will take some time for the market to fully recover, merchants have a clear wait-and-see attitude. Overall, it is expected that the price of bearing steel in Dalian will stabilize and weaken 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 mainly stable, but the market atmosphere is not good. 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 terminal procurement enthusiasm is weak, and traders are also cautious in their operations, resulting in slow release of market demand. Considering that the previous repair will still take some time, coupled with insufficient cost support, it is expected that the price of bearing steel in the Luoyang market may show a slight weakening trend 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.

[In terms of steel mills]

There is currently no price adjustment information released by steel mills in this issue. We should continue to monitor consumer demand and the impact of steel mill maintenance next week.

2、 Outlook for next week

This week, the price of bearing steel has remained stable. With the continuous weakening of raw material prices, the market has shown a bearish sentiment in the short term. There are few bulk orders in the market, and overall transactions are average. In terms of operation, most merchants choose to ship along with the market. Overall, the current market destocking speed is slow, and the spot market prices are gradually weakening due to demand and cost effects. It is expected that the bearing steel market prices will stabilize and weaken next week.