Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of April is Characterized by Weak and Stable

Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of April is Characterized by 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 5167.5 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. At present, the market transactions are mainly based on low-priced resources, and the shipping speed is average. This week's transactions have decreased compared to last week. In terms of emotions, the current market prices are significantly suppressed by demand, and downstream procurement is cautious. 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 4680 yuan/ton on 16-29.5, Juneng Special Steel GCr15 Φ Reported at 4550 yuan/ton for 16-90.

The price of bearing steel in the Hangzhou market is temporarily stable, and downstream purchases are made as needed. 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. The trading atmosphere in the market has been poor this week, with spot prices following the market trend and relatively weak transactions. The trading situation is slightly pessimistic. 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 remain weak and stable in the short term. As of publication, Zhongtian Steel GCr15 Φ 40-140 RMB 4630/ton, Daye Special Steel GCr15 Φ Report 5000 yuan/ton for 20-40.

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, the market trading is light, and the market prices are significantly suppressed by demand. Traders are cautious in their quotations, and their transaction performance is average. They often choose to trade at a discounted price. Overall, considering the slow recovery of demand, it is expected that the price of bearing steel in the Wuxi market may remain weak and stable next week. As of publication deadline, Zhongtian Steel GCr15 Φ 40-140 RMB 4620/ton, Xingcheng Special Steel GCr15 Φ Reported between 31 and 90 is 5720 yuan/ton.

The price of bearing steel in the Dalian market is weak and stable, and market transactions are relatively bleak. In the Dalian market, Bengang, Dongte Co., Ltd., and Jianlong Beiman have abundant supply of goods, with large-scale traders storing 3000-4000 tons. Downstream terminal procurement is cautious, with demand lower than the same period in previous years, and the market presents a situation of strong supply and weak demand. In terms of price, given the slightly weak market transactions, merchants are constantly expanding their bargaining space in order to promote transactions. 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 4600 yuan/ton, GCr15 from Dongte Group Φ 86-180 yuan/ton, Jianlong Beiman GCr15 Φ 30-75 yuan/ton.

The price of bearing steel in the Luoyang market is weak, and businesses are in a strong wait-and-see attitude. 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. At present, market feedback shows that downstream terminal enterprises and merchants mostly continue to purchase on a mandatory basis, and the trading atmosphere in the spot market is light. In terms of inventory, due to lower than expected transaction performance, the consumption rate of bearing steel inventory is slow. Considering that the raw material prices are not sufficient to support the spot market prices, it is expected that the bearing steel prices in the Luoyang market will show a stable and weak trend next week. As of publication deadline, Jiyuan Steel GCr15 Φ Reported at 4750 yuan/ton from 6.5-23, Daye Special Steel GCr15 Φ Reported at 5000 yuan/ton from 20 to 40 yuan, Hegang Shigang GCr15 Φ 131-180 reported 4600 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. Due to poor market demand and generally low market sentiment, downstream purchases were made on demand, and transactions this week have decreased compared to last week. Merchants are cautious in their quotations and often choose to offer discounts to promote transactions. Overall, it is expected that the bearing steel market prices will continue to operate weakly and steadily next week.