Weekly Summary: 2024 China Bearing Steel Market Trend in Second Week of July Is Running weakly and steadily

Weekly Summary: 2024 China Bearing Steel Market Trend in Second Week of July Is Running weakly and steadily

1、 This week's review

【In terms of price】

Since entering the off-season, market demand has performed poorly, and this week's prices have not changed much compared to last week. As of today, the absolute price index of GCr15 is 5074.5 yuan/ton.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market is running weakly, and the terminal continues to purchase urgently. This week's inventory is not much different from last week. At present, the Liaocheng market has more spot bearing steel resources from Juneng and Qinggang, and multiple traders maintain inventory at around 800 tons. At present, the market demand is average, and the terminal continues to make essential purchases. Spot prices have slightly decreased, and some traders are selling at low prices. Overall, it is expected that the price of bearing steel in the Liaocheng market will fluctuate narrowly in the short term. Currently, Jiyuan Steel's GCr15 Φ 30-75 is priced at 4600 yuan/ton, while Juneng Special Steel's GCr15 Φ 16-90 is priced at 4340 yuan/ton.

The price of bearing steel in the Hangzhou market is operating steadily, and the market is cautious in purchasing. The spot inventory in the Hangzhou market is relatively abundant with resources from Zhongtian Iron and Steel, Nanjing Iron and Steel, and Daye Special Steel. The inventory levels remain stable, and steel mills are shipping normally with little change in factory inventory. At present, downstream stocking is affected by weakened demand, and there is a clear lack of emotion. Merchants are cautious in their operations, and their willingness to replenish inventory is weakened. Spot prices follow the demand situation and are quoted on a per order basis. Overall, it is expected that the price of bearing steel in the Hangzhou market will remain weak in the short term. As of press time, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4590 yuan/ton, and Daye Special Steel's GCr15 Φ 20-40 is quoted at 4870 yuan/ton.

The price of bearing steel in the Wuxi market is consolidating, and the pace of terminal procurement is slowing down. The spot market in Wuxi has more resources from Zhongtian Steel, Xingcheng Special Steel, and Benxi Iron and Steel, with most traders having inventory of around 1000 tons. In terms of the market, the demand performance during the off-season is average, and the enthusiasm of terminals to purchase goods is not high. The number of bulk orders has decreased, and traders are cautious in quoting prices, often negotiating prices on a single basis. Overall, it is expected that the price of bearing steel in the Wuxi market will fluctuate narrowly in the short term. As of the time of writing, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4580 yuan/ton, and Xingcheng Special Steel's GCr15 Φ 31-90 is quoted at 5690 yuan/ton.

The price of bearing steel in the Dalian market is stable, but the demand is relatively weak. In the Dalian market, Benxi Iron and Steel, Dongte Shares, and Jianlong Beiman have abundant sources of goods, with large-scale traders having inventory of around 3000 tons. This week's market feedback shows that downstream terminal procurement enthusiasm is insufficient, and market demand is unlikely to improve in the short term, resulting in poor transaction performance. In terms of inventory, currently in the traditional off-season period, businesses mostly adopt on-demand replenishment to reduce risks. Overall, it is expected that the price of bearing steel in Dalian will remain relatively stable next week. Currently, Bengang Special Steel's GCr15 Φ 81-130 is priced at 4670 yuan/ton, Dongte Stock's GCr15 Φ 86-180 is priced at 4720 yuan/ton, and Jianlong Beiman's GCr15 Φ 30-75 is priced at 4670 yuan/ton.

The price of bearing steel in Luoyang market remains stable, and merchants are cautious in their operations. Recently, there has been ample supply of Jiyuan Steel, Daye Special Steel, and Hegang Stone Steel in the Luoyang market, with some traders holding around 1000 tons of inventory. Downstream terminal enterprises have poor purchasing enthusiasm, market demand has not improved yet, and high-level transaction performance is weak. In terms of mentality, given the current off-season period and the difficulty in improving demand, businesses tend to adopt a cautious and wait-and-see attitude. Overall, it is expected that the price of bearing steel in the Luoyang market will remain stable next week. As of the time of writing, Jiyuan Steel's GCr15 Φ 6.5-23 is quoted at 4770 yuan/ton, Daye Special Steel's GCr15 Φ 20-40 is quoted at 5000 yuan/ton, and Hegang Stone Steel's GCr15 Φ 131-180 is quoted at 4520 yuan/ton.

【Regarding steel mills】

From July 5th to July 12th, a total of one steel mill released price adjustment information, with a cumulative total of one price adjustment information. Next week, we should continue to pay attention to the impact of consumer demand and steel mill maintenance.

2、 Next week's outlook

This week, the market price of bearing steel has been weak and consolidating, with weak demand during the off-season. At present, market demand is not as strong as in previous years, and merchants are cautious in quoting prices. Most choose to negotiate on a per order basis, and some wholesale and retail orders have expanded their space. It is expected that the market price of bearing steel will fluctuate narrowly next week.