Weekly Summary: 2024 China Bearing Steel Market Trend in second Week of March is weak and stable

Weekly Summary: 2024 China Bearing Steel Market Trend in second Week of March is weak and stable

1、 Review of this week

[In terms of price]

This week, the mainstream market price of bearing steel in China remained weak and stable. Currently, there are 5 major markets in China, GCr15 Φ The average price of 30 round steel is 5187.5 yuan/ton.

[Main Market Overview]

The price of bearing steel in the Liaocheng market is weak and 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. There are fewer bulk orders, and in terms of operation, many people choose to "discuss one thing" without locking in prices. In terms of emotions, merchants lack confidence in the future market and their emotions are weak. Overall, it is expected that the price of bearing steel in the Liaocheng market may slightly decline 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 weak and stable, and the sentiment of merchants 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. This week, the trading atmosphere in the market was relatively quiet, with spot prices following the market trend and adjusting weakly. Downstream demand orders performed poorly and were purchased on demand. In terms of emotions, merchants have weakened their expectations for the future market, lack confidence, and generally prioritize fast in and out shipments. Overall, it is expected that the price of bearing steel in the Hangzhou market may operate weakly 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 weak and the demand is average. 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. At present, market trading is light, and market prices are significantly suppressed by demand. Traders have offered prices with a narrow decline, but the transaction performance is average. 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 mainly stable, and merchants tend to operate cautiously. 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 lack enthusiasm for procurement, and businesses continue to make essential purchases, resulting in relatively poor transactions. In terms of emotions, given the weak market performance, merchants are cautious in their operations and have a clear wait-and-see attitude. Considering the insufficient cost support, it is expected that the price of bearing steel in Dalian may slightly decline 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 has remained generally 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 terminals and traders both choose to purchase on demand, resulting in slow market demand release and sluggish high-level transactions. In terms of inventory, the consumption of bearing steel inventory has been slow in recent years, and the overall social inventory is still at a high level. Overall, it is expected that the price of bearing steel in the Luoyang market will 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 been weakly and steadily operating. Affected by the reverse decline of the black series market, market sentiment is generally bearish. Downstream buyers are cautious in purchasing goods and purchase according to demand. Overall transactions are average, and merchant quotations have begun to decline narrowly. Many choose to ship with the company, but the order volume is not satisfactory. Overall, it is expected that the price of bearing steel in the market will decrease narrowly next week.