Weekly Summary: 2024 China Bearing Steel Market Trend in Second Week of October Fluctuates and Declines

Weekly Summary: 2024 China Bearing Steel Market Trend in Second Week of October Fluctuates and Declines

1、 This week's review

【In terms of price】

This week, the price of bearing steel fluctuated downward, and as of today, the absolute price index of GCr15 is 4980 yuan/ton.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market is fluctuating and weakening, and merchants are operating cautiously. 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 4400 yuan/ton, while Juneng Special Steel's GCr15 Φ 16-90 is priced at 4200 yuan/ton.

The price of bearing steel in the Hangzhou market has slightly fallen, and businesses are operating cautiously. 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, coupled with a new round of price adjustment policies introduced by downstream manufacturers. Prices were slightly raised in the early stage, but later affected by the downward trend of the black market, prices first rose and then fell. At present, some small-scale resources are out of stock, and the pressure on social inventory has decreased. Merchants still focus on reducing inventory through sales. Overall, it is expected that the price of bearing steel in the Hangzhou market will continue to fluctuate 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 is fluctuating and weakening, with average transactions. 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, the market followed the release of demand and fluctuated prices, with prices rising first and then falling. At present, the market's shipping speed is average, and merchants operate rationally. Inventory is maintained within a reasonable range, and scarce resources are supplemented slightly. Overall, it is expected that the price of bearing steel in the Wuxi market will continue to fluctuate 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 the Dalian market is temporarily stable, but market transactions are 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. Downstream terminal procurement enthusiasm is weak, the market atmosphere is relatively light, and transactions have not reached the expected level. Merchants are cautious about replenishing inventory and mostly adopt rigid demand. Although steel mills have introduced price adjustment policies in the early stage, considering the slow release of demand, it is expected that the price of bearing steel in Dalian will mainly operate weakly and steadily 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 is stable, with transactions lower than the same period in previous years. 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 insufficient purchasing enthusiasm, and there has been no significant improvement in transactions, leading to an increased cautious and wait-and-see attitude in the market. In terms of inventory, given the average demand performance, merchants are cautious in their operations and mostly focus on consuming pre inventory. Overall, 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】

From October 12th to October 18th, no steel mills have released any price adjustment information for this period. 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 fluctuated downward. The early positive information was released in a concentrated manner, but the demand performance after the National Day holiday was average, and the momentum for sustained price increases was insufficient. At present, the increase in downstream cargo volume is not significant, and the market's cautious wait-and-see sentiment is increasing. Overall, it is expected that the market price of bearing steel will experience weak consolidation next week.