Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of October Remains generally Stable

Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of October Remains generally Stable

1、 This week's review

【In terms of price】

This week, the price of bearing steel remained generally stable, with an absolute GCr15 price index of 4995 yuan/ton as of today.

【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. The black futures market is fluctuating, with average market shipment speed. Market prices are adjusted irregularly according to changes in demand, and orders released in October were not as expected. Merchants mainly operated by shipping and receiving payments. In terms of inventory, social inventory continues to be depleted, and some resources are out of stock for small sizes. 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 4350 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 is fluctuating, with average transactions. 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 some steel mills issuing a new round of ex factory prices. The market response speed was slow, and businesses were more rational in their operations, still focusing on inventory reduction and expanding bargaining space. Overall, it is expected that the price of bearing steel in the Hangzhou market will remain weakly stable in the short term. As of press time, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4440 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 merchants are operating cautiously. 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. In terms of inventory, the overall inventory is at a normal level. In terms of emotions, there has been no significant improvement in the supply and demand sides, with fewer new orders. Merchants are cautious and watching, and at this stage, market prices are still dominated by demand. 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 4440 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 remains generally stable, with relatively cold transactions. 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 efforts are insufficient, the market atmosphere is slightly quiet, and transactions are gradually weakening. In terms of inventory, considering that there has been no significant improvement in demand, merchants are cautious in replenishing inventory and basically continue with rigid demand. Overall, 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 is temporarily stable, but the transaction performance is weak. 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 continue to have rigid demand, with little improvement in transactions and a relatively cold market atmosphere. In terms of emotions, merchants are cautious in their operations and tend to adopt a wait-and-see attitude. 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 4600 yuan/ton, Daye Special Steel's GCr15 Φ 20-40 is quoted at 4650 yuan/ton, and Hegang Stone Steel's GCr15 Φ 131-180 is quoted at 4300 yuan/ton.

【Regarding steel mills】

From October 18th to October 25th, 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 remained generally stable. At present, there is no significant increase in market demand, and there are few new orders. Merchants are cautious in their operations and tend to choose a "single item negotiation" price. In the short term, market prices are still dominated by demand, and it is expected that the bearing steel market prices will fluctuate narrowly next week.