Weekly Summary: 2024 China Bearing Steel Market Trend in Third Week of November is temporarily Stable

Weekly Summary: 2024 China Bearing Steel Market Trend in Third Week of November is temporarily Stable

1、 This week's review

【In terms of price】

This week, the price of bearing steel has remained stable, with an absolute GCr15 price index of 5005 yuan/ton as of today.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market is running weakly and steadily, and merchants are operating cautiously. At present, the Liaocheng market has more spot bearing steel resources from steel mills such as Juneng and Jiyuan, and multiple traders maintain inventory of over 500 tons. At present, low-priced resources are flooding in, and market prices are falling under pressure due to changes in demand. The overall trading activity is average, and businesses are cautious and cautious about the future market, and will replenish their inventory appropriately. Overall, it is expected that the price of bearing steel in the Liaocheng market will remain weak in the short term. Currently, Jiyuan Steel's GCr15 Φ 30-75 is priced at 4300 yuan/ton, while Juneng Special Steel's GCr15 Φ 16-90 is priced at 4100 yuan/ton.

The price of bearing steel in the Hangzhou market is running weakly and steadily, 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. In situations where demand performance is average, spot market prices also experience a slight decline. In order to increase shipments, most merchants engage in "one size fits all" discussions, and there are some instances of hidden price drops. In terms of inventory, social inventory continues to be depleted, and some resource specifications are out of stock, prompting businesses to replenish their inventory slightly. In terms of emotions, given the lack of significant improvement in transactions, merchants are adopting a cautious and wait-and-see attitude towards the future market. Overall, it is expected that the price of bearing steel in the Hangzhou market will fluctuate and weaken in the short term. As of press time, Zhongtian Steel's GCr15 Φ 40-140 is quoted at 4340 yuan/ton, and Daye Special Steel's GCr15 Φ 20-40 is quoted at 4530 yuan/ton.

The price of bearing steel in the Wuxi market is running weakly, and the willingness to replenish inventory is weak. 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 the market, downstream terminal enterprises continue to have rigid demand procurement, and merchants tend to be cautious in their mentality. Considering the cost support, their quotations are relatively stable. However, some merchants, in order to cash out, loosen their own quotations to promote transactions. In terms of inventory, market resources are circulating normally, and social inventory is at a normal level. 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 4340 yuan/ton, and Xingcheng Special Steel's GCr15 Φ 31-90 is quoted at 5600 yuan/ton.

The price of bearing steel in Luoyang market is running weakly, with average 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. The black market is oscillating, downstream terminal enterprises continue to make essential purchases, and market activity has decreased. Although traders have seen a slight decrease in shipments, market transactions have not significantly improved. Considering the recent small changes in raw material costs and the need for demand recovery, it is expected that the price of Luoyang bearing steel will remain stable next week. As of the time of writing, Jiyuan Steel's GCr15 Φ 6.5-23 is priced at 4550 yuan/ton, Daye Special Steel's GCr15 Φ 20-40 is priced at 4600 yuan/ton, and Hegang Stone Steel's GCr15 Φ 131-180 is priced at 4250 yuan/ton.

The price of bearing steel in the Dalian market is currently stable, but the demand is poor. 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. As the weather gradually cools down, downstream terminal procurement is insufficient, the market atmosphere is cold, and market transactions are average. In terms of emotions, as the weather gradually cools down and demand is unlikely to improve in the short term, many businesses are adopting a wait-and-see attitude. In terms of inventory, merchants are replenishing their inventory normally, while social inventory remains stable. Overall, it is expected that the price of bearing steel in the Dalian market will remain weakly stable next week. Currently, Bengang Special Steel's GCr15 Φ 81-130 is priced at 4250 yuan/ton, Dongte Stock's GCr15 Φ 86-180 is priced at 4250 yuan/ton, and Jianlong Beiman's GCr15 Φ 30-75 is priced at 4300 yuan/ton.

【Regarding steel mills】

From November 15th to November 22nd, a total of one steel mill in this period released price adjustment information, with a total of one price adjustment. Next week, we should continue to pay attention to the impact of consumer demand and steel mill maintenance.

2、 Next week's outlook

The market price of bearing steel has remained stable this week. At present, the market demand is weak, and the market continues to require essential purchases, resulting in average transactions. In terms of inventory, merchants replenish inventory as needed, and social inventory is in a stable state. In terms of emotions, the current market is still dominated by demand, and in the case of weak demand, merchants' emotions are cautious and pessimistic. Overall, it is expected that the market price of bearing steel will fluctuate and weaken next week.