Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of September is Running weakly and steadily

Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of September is Running weakly and steadily

1、 This week's review

【In terms of price】

This week, the price of bearing steel has experienced a wide downward trend, with the absolute price index of GCr15 as of today at 4814 yuan/ton.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market has slightly declined, with average transactions. At present, the Liaocheng market has more spot bearing steel resources from steel mills such as Juneng and Qinggang, and multiple traders maintain inventory of over 500 tons. In the first half of the week, demand slightly improved and market prices were mostly consolidating. In the second half of the week, the black market continued to decline, and market prices fell slightly in sync. There are many low-priced resources in the Liaocheng market, and traders are still expanding their bargaining space in order to ship more goods. It will take some time for demand to improve. Overall, it is expected that the price of bearing steel in the Liaocheng market will remain weakly stable in the short term. Currently, Jiyuan Steel's GCr15 Φ 30-75 is priced at 4150 yuan/ton, while Juneng Special Steel's GCr15 Φ 16-90 is priced at 3900 yuan/ton.

The price of bearing steel in the Hangzhou market is running weakly and steadily, and merchants are cautious in their operations. The spot inventory in the Hangzhou market is slightly higher with the resources of Zhongtian Iron and Steel and Nanjing Iron and Steel, and the decline rate of spot inventory is relatively slow. Most traders maintain their inventory at around 500 tons. This week, the black market fluctuated weakly, and the market price of bearing steel first stabilized and then fell. In the situation where demand did not reach the expected level, traders were cautious in their quotations. From the perspective of transactions, there is currently insufficient momentum for price increases, and there has been no significant increase in downstream purchasing volume, resulting in continued pressure on merchants to ship. It is expected that the price of bearing steel in the Hangzhou market will consolidate in the short term. As of press time, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4170 yuan/ton, and Daye Special Steel's GCr15 Φ 20-40 is quoted at 4600 yuan/ton.

The price of bearing steel in the Wuxi market is running weakly and steadily, and there is obvious sales pressure on merchants. 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 800 tons. This week's market shipments were basically flat compared to last week. Terminal purchases began at the beginning of the week, driving market sentiment to slowly rebound. However, demand did not increase significantly, and the driving force for market price increases was limited. Most traders adjusted prices irregularly according to changes in demand. Overall, it is expected that the price of bearing steel in the Wuxi market will remain stable in the short term and fluctuate within a certain range. As of the time of writing, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4170 yuan/ton, and Xingcheng Special Steel's GCr15 Φ 31-90 is quoted at 5550 yuan/ton.

The price of bearing steel in Dalian market remains stable, but the market atmosphere is still not good. 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 poor, the market atmosphere is cold, and transactions are weak. In terms of inventory, merchants are cautious in their operations and choose to replenish inventory as needed, with some missing specifications supplemented as a supplement. In the recent stage, the fluctuation of raw material prices has weakened, and the price increase in the spot market is weak. It is expected that the price of bearing steel in Dalian will operate weakly and steadily next week. Currently, Bengang Special Steel's GCr15 Φ 81-130 is priced at 4150 yuan/ton, Dongte Stock's GCr15 Φ 86-180 is priced at 4150 yuan/ton, and Jianlong Beiman's GCr15 Φ 30-75 is priced at 4200 yuan/ton.

The price of bearing steel in Luoyang market remains generally 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 and traders are purchasing on demand, making it difficult to improve transactions, and the sentiment of merchants is slightly pessimistic. In terms of profits, due to limited demand release space and increasing market bargaining space, profits are gradually narrowing. Given the current volatile downward trend in the black futures market, it is expected that the price of bearing steel in the Luoyang market will remain stable and weaken next week. As of the time of writing, Jiyuan Steel's GCr15 Φ 6.5-23 is quoted at 4450 yuan/ton, Daye Special Steel's GCr15 Φ 20-40 is quoted at 4600 yuan/ton, and Hegang Stone Steel's GCr15 Φ 131-180 is quoted at 4150 yuan/ton.

【Regarding steel mills】

Price adjustment situation of major bearing steel mills in China from August 30th to September 6th: In this period, one steel mill released price adjustment information, with a total of one price adjustment information released. 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 remained weak and stable. Although there is positive news to support it, the supply-demand contradiction still exists, and the market price rebound space is limited. It is expected that the bearing steel market price will mainly operate steadily next week.