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

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

1、 This week's review

【In terms of price】

This week, the price of bearing steel has been running weakly and steadily. As of today, the absolute price index of GCr15 is 4804 yuan/ton.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market is generally stable, and merchants are cautious and watching. 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. With the recovery of the black market, market prices have mostly stabilized, and this week's transactions have improved compared to last week. Social inventory continues to remain in a destocking state, but merchants are cautious in their operations and mainly choose "fast in, fast out". Overall, it is expected that the price of bearing steel in the Liaocheng market will remain stable in the short term. Currently, Jiyuan Steel's GCr15 Φ 30-75 is priced at 4160 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 mainly stable, and the rate of inventory reduction is average. The spot inventory in the Hangzhou market is slightly higher with the resources of Zhongtian Iron and Steel and Nanjing Iron and Steel. Currently, the decline rate of spot inventory is relatively slow, and most traders' inventory remains at around 500 tons. This week, the black market fluctuated strongly, and the market price of bearing steel stabilized and operated. In the situation where demand release did not reach the expected level, traders were cautious in their quotations. Some specifications have shown a shortage state, but merchants are not willing to replenish inventory and mostly choose to transfer goods. Overall, 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 4180 yuan/ton, and Daye Special Steel's GCr15 Φ 20-40 is quoted at 4550 yuan/ton.

The price of bearing steel in the Wuxi market is running steadily, and merchants are cautious in their operations. 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. From the perspective of inventory, the current market demand is generally released, and the speed of social inventory reduction is still slow. Business sentiment is cautious, and inventory is kept within a reasonable range, without excessive replenishment. From the perspective of transactions, the black market has fluctuated upwards this week, and market sentiment is gradually recovering. However, there is currently no significant increase in downstream purchasing volume, and business operations are still mainly focused on "fast in, fast out". 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 5450 yuan/ton.

The price of bearing steel in Dalian market remains stable, and the market atmosphere is average. 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 is insufficient, the market atmosphere is slightly cold, and transactions have not reached the expected level. In terms of profits, the current market demand is releasing slowly, the spot market prices are rising weakly, and merchant profits are shrinking. Overall, it is expected that the price of bearing steel in Dalian will remain stable 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 is running steadily, with slightly weak transactions. 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 continue to make essential purchases, with a cold market atmosphere and no significant improvement in transactions. Considering the limited space for demand release, merchants are generally cautious in their operations and focus on consuming initial inventory. 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 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】

There is currently no price adjustment information released by steel mills in this issue. We should continue to pay attention to the impact of consumer demand and steel mill maintenance next week.

2、 Next week's outlook

This week, the market price of bearing steel has been consolidating. The black futures market is drifting red, and market confidence is slowly recovering. However, there is no significant increase in demand, and the market price space is limited. Most traders adjust prices irregularly according to changes in demand. Overall, it is expected that the market price of bearing steel will remain stable and fluctuate within a range next week.