Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of April is Stable

Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of April is Stable

1、 Review of this week

[In terms of price]

This week, the mainstream market price of bearing steel in China remained stable, with an average price of 5152.5 yuan/ton for round steel with a diameter of GCr15 and a diameter of 30 in five major markets across the country.

[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. The purchasing power at the end of the week is still weak, and the trading atmosphere in the spot market is relatively cold, with fewer bulk orders. In terms of price, merchants often choose to negotiate a single price. Considering the slight increase in raw material prices, it is expected that the price of bearing steel in the Liaocheng market may rise slightly in the short term. Currently, Jiyuan Steel's GCr15 diameter 16-29.5 is priced at 4680 yuan/ton, while Juneng Special Steel's GCr15 diameter 16-90 is priced at 4500 yuan/ton.

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. The performance of downstream demand orders this week was poor, and the market trading atmosphere was relatively quiet, with a slow rate of inventory consumption. In terms of emotions, raw material prices have slightly increased, and businesses are mostly cautious and wait-and-see. Overall, it is expected that the price of bearing steel in the Hangzhou market will remain stable in the short term. As of the time of publication, Zhongtian Steel's GCr15 diameter 40-140 is priced at 4620 yuan/ton, while Daye Special Steel's GCr15 diameter 20-40 is priced at 5000 yuan/ton.

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 and transactions are average. Market prices are significantly suppressed by demand, and traders adopt a "single negotiation" price to promote transactions. Given the supportive effect of raw materials on the spot market, it is expected that the price of bearing steel in the Wuxi market will remain stable next week, with a slight increase as a supplement. As of the time of publication, Zhongtian Steel's GCr15 diameter 40-140 is priced at 4700 yuan/ton, while Xingcheng Special Steel's GCr15 diameter 31-90 is priced at 5820 yuan/ton.

The price of bearing steel in the Dalian market has remained generally stable, with poor transaction performance. In the Dalian market, Bengang, Dongte Co., Ltd., and Jianlong Beiman have abundant supply of goods, with large-scale traders holding around 3000 tons of inventory. Downstream terminal procurement is cautious, and traders also choose to operate cautiously. The market continues to maintain a situation of strong supply and weak demand. In practical operation, it is common for merchants to sell at low prices in order to promote transactions. Given the latest round of price adjustment policies announced by steel mills, it is expected that the price of bearing steel in Dalian may slightly increase next week. Currently, Benxi Steel's special steel GCr15 with a diameter of 81-130 is priced at 4700 yuan/ton, Dongte Group's GCr15 with a diameter of 86-180 is priced at 4750 yuan/ton, and Jianlong Beiman's GCr15 with a diameter of 30-75 is priced at 4700 yuan/ton.

The price of bearing steel in the Luoyang market is mainly stable, and the market trading atmosphere is average. Recently, there has been a relatively abundant supply of goods for Jiyuan Steel, Daye Special Steel, and Hegang Stone Steel in the Luoyang market, with some traders holding around 1000 tons of inventory. At present, market feedback shows that downstream terminal enterprises still have insufficient procurement efforts, the trading atmosphere in the spot market has not improved significantly, and the speed of inventory consumption is relatively slow. Supported by costs, steel mills have raised their ex factory prices, and it is expected that the price of bearing steel in the Luoyang market will slightly increase next week. As of the time of publication, Jiyuan Steel's GCr15 with a diameter of 6.5-23 is priced at 4800 yuan/ton, Daye Special Steel's GCr15 with a diameter of 20-40 is priced at 5050 yuan/ton, and Hegang Shigang's GCr15 with a diameter of 131-180 is priced at 4550 yuan/ton.

[In terms of steel mills]

The price adjustment situation of major bearing steel mills in China from April 19th to April 26th 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 purchases are cautious. Most of them choose to purchase on demand, and overall transactions are average. Considering that the raw materials have a certain level of support, coupled with steel mills gradually increasing their ex factory prices, it is expected that the bearing steel market prices will stabilize and strengthen next week.