Weekly Summary: 2024 China Bearing Steel Market Trend in Third Week of March is Stable

Weekly Summary: 2024 China Bearing Steel Market Trend in Third Week of March is Stable

1、 Review of this week

[In terms of price]

This week, the mainstream market prices of bearing steel in China remained stable, with GCr15 currently operating in five major markets across the country 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 currently stable, with average transaction performance. 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 purchasing power at the terminal was weak, and the trading atmosphere in the spot market was relatively cold, with fewer bulk orders. In terms of price, merchants often choose to negotiate on a single basis and do not lock in prices. In terms of emotions, merchants lack confidence in the future and tend to hold a cautious attitude. 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 remains stable, with weak sentiment among merchants. 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, downstream demand orders performed poorly, and the market trading atmosphere was relatively quiet, resulting in a slowdown in inventory consumption speed. In terms of emotions, merchants lack confidence in future market expectations and tend to hold a cautious wait-and-see attitude. 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 running steadily, with slow demand release. 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, demand is difficult to release, transactions are light, and market prices are significantly suppressed by demand. In order to promote transactions, traders adopt a "single price negotiation" approach. Overall, it is expected that the price of bearing steel in the Wuxi market will remain weak and 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 weak and stable, and the market atmosphere is not good. In the Dalian market, Bengang, Dongte Group, and Jianlong Beiman have abundant supply of goods, with multiple traders storing 3000-4000 tons. Downstream terminals and traders both choose to purchase on a mandatory basis, with limited space for market demand release and sluggish high-level transactions. In terms of emotions, given the poor market performance, businesses tend to hold a cautious wait-and-see attitude. Overall, it is expected that the price of bearing steel in Dalian will 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 is mainly stable, and merchants tend to operate cautiously. 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 enterprises have weak purchasing enthusiasm, and merchants are operating cautiously at the same time, resulting in transactions not reaching the expected level. 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 stable and weak 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]

The price adjustment situation of major bearing steel mills in China from March 15th to March 22nd is as follows: a total of 2 steel mills have 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 consumer demand and the impact of steel mill maintenance.

2、 Outlook for next week

This week, the price of bearing steel in the market has remained stable, and downstream procurement is cautious. Most of them choose to purchase on demand, and overall transactions are slightly weak. Considering the weak support for raw materials and the lack of significant improvement in market demand, steel mills have gradually adjusted their ex factory prices. Overall, it is expected that the price of bearing steel in the market will decline narrowly next week.