Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of October Has Increased significantly

Weekly Summary: 2024 China Bearing Steel Market Trend in First Week of October Has Increased significantly

1、 This week's review

【In terms of price】

This week, the price of bearing steel has increased significantly, and as of today, the absolute price index of GCr15 is 4977 yuan/ton.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market has significantly increased, 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. Recently, steel mills have successively introduced a new round of price adjustment policies, and market sentiment has improved. According to feedback, after the National Day holiday, social inventory continues to be depleted, but there has been no significant increase in orders in October. 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 4450 yuan/ton, while Juneng Special Steel's GCr15 Φ 16-90 is priced at 4230 yuan/ton.

The price of bearing steel in the Hangzhou market has risen sharply, and market confidence has improved. The spot inventory in the Hangzhou market is slightly higher with the resources of Zhongtian Steel and Nanjing Steel, and most traders maintain a stock of around 500 tons. This week, the black market fluctuated and combined with the release of a new round of factory prices by steel mills, some resources with small specifications are currently out of stock, and the pressure on social inventory has decreased. The market price of bearing steel has also risen, but the market operation is still rational, mainly focusing on reducing inventory through sales. Overall, it is expected that the price of bearing steel in the Hangzhou market will remain stable with a moderate to strong trend in the short term. As of press time, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4450 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 has risen sharply, 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. With the introduction of macroeconomic favorable policies and the increase in the factory guidance price of bearing steel by steel mills, spot prices have risen accordingly. However, the market shipment speed is average, and businesses tend to operate rationally, keeping inventory within a reasonable range and mainly relying on "fast in, fast out" operations. Overall, it is expected that the price of bearing steel in the Wuxi market will steadily rise in the short term. As of the time of writing, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4450 yuan/ton, and Xingcheng Special Steel's GCr15 Φ 31-90 is quoted at 5600 yuan/ton.

The price of bearing steel in Dalian market has slightly increased, and the market atmosphere is relatively cold. 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. The downstream terminal purchasing willingness is low after returning from the holiday, and the market atmosphere is gradually becoming light, with transactions lower than the same period in previous years. During the National Day holiday, black metals generally rose, and the market price of bearing steel followed suit, with steel mills gradually implementing price adjustment policies, resulting in an upward trend in spot prices. However, considering the slow release of demand, it is expected that the price of bearing steel in Dalian will fluctuate narrowly next week. Currently, Bengang Special Steel's GCr15 Φ 81-130 is priced at 4350 yuan/ton, Dongte Stock's GCr15 Φ 86-180 is priced at 4350 yuan/ton, and Jianlong Beiman's GCr15 Φ 30-75 is priced at 4400 yuan/ton.

The price of bearing steel in Luoyang market has slightly increased, and the transaction volume has not reached the expected level. 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. According to customer feedback, downstream terminal enterprises have continued to make essential purchases after the National Day holiday, and the improvement in transactions has gradually weakened compared to before the holiday. The cautious and wait-and-see attitude of merchants has increased. In terms of steel mills, multiple steel mills have announced policies to increase guidance prices, which may have a certain stimulating effect on the market price of bearing steel. Given the relative procurement in the market, it is expected that the price of bearing steel in the Luoyang market will fluctuate narrowly next week. As of the time of writing, Jiyuan Steel's GCr15 Φ 6.5-23 is quoted at 4650 yuan/ton, Daye Special Steel's GCr15 Φ 20-40 is quoted at 4700 yuan/ton, and Hegang Stone Steel's GCr15 Φ 131-180 is quoted at 4300 yuan/ton.

【Regarding steel mills】

The price adjustment situation of major bearing steel mills in China from September 27th to October 12th is as follows: a total of 10 steel mills have released price adjustment information in this period, with a total of 15 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 has increased significantly. With the introduction of favorable policies and the launch of a new round of price adjustment policies by steel mills, market confidence has significantly increased. However, currently, the downstream cargo volume has not increased significantly, and the market has stable shipments. Overall, it is expected that the market price of bearing steel will fluctuate narrowly next week.