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

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

Ⅰ 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 4990 yuan/ton as of today.

【Overview of Major Markets】

The price of bearing steel in Liaocheng market is running weakly and steadily, and terminals are replenishing inventory as needed. At present, the spot of bearing steel in Liaocheng market mainly comes from steel mills such as Juneng and Jiyuan, and the inventory of multiple traders remains above 500 tons. At present, businesses replenish their inventory according to demand, and the price index of bearing steel remains relatively stable. Market prices are mainly driven by demand, and transactions are mainly driven by rigid demand. Overall, it is expected that the price of bearing steel in the Liaocheng market will remain weak and stable in the short term. Currently, Jiyuan Steel's GCr15 Φ 30-75 is priced at 4330 yuan/ton, while Juneng Special Steel's GCr15 Φ 16-90 is priced at 4000 yuan/ton.

The price of bearing steel in the Hangzhou market is currently stable, but transactions are not ideal. In terms of spot inventory, Zhongtian Steel and Nanjing Steel have slightly abundant resources, while most traders maintain inventory levels of around 500 tons. Given the average market demand, traders tend to be cautious when quoting and tend to quote in a stable manner. In terms of inventory, some specifications are out of stock, and merchants need to replenish inventory as needed. In terms of emotions, traders remain cautious about future expectations, and downstream purchases continue to be essential. Overall, it is expected that the price of bearing steel in the Hangzhou market will fluctuate narrowly in the short term. As of press time, Zhongtian Steel's GCr15 Φ 40-140 is reported at 4360 yuan/ton, and Daye Special Steel's GCr15 Φ 20-40 is reported at 4750 yuan/ton.

The price of bearing steel in the Wuxi market is currently stable, with average transactions. In the Wuxi market, bearing steel products such as Zhongtian Steel and Xingcheng Special Steel are relatively abundant, and the inventory of most traders is maintained at about 800 tons. Compared with last week, the market sales volume this week is not much different. The black market has fluctuated in front of this week, with slight fluctuations in market prices. However, terminal procurement is cautious, and demand is still weak, resulting in average transaction performance. Overall, it is expected that the price of bearing steel in the Wuxi market will experience narrow fluctuations in the short term. As of the time of writing, the quotation for GCr15 Φ 40-140 from Zhongtian Steel is 4350 yuan/ton, and the quotation for GCr15 Φ 31-90 from Xingcheng Special Steel is 5600 yuan/ton.

The price of bearing steel in Dalian market is temporarily stable, and the market activity is low. In the Dalian market, Benxi Iron and Steel, Dongte Shares, and Jianlong Beiman have abundant sources of goods, with large-scale traders maintaining inventory of around 3000 tons. Downstream terminal enterprises have weak purchasing enthusiasm, poor market performance, and reduced transaction volume. In terms of emotions, due to the cold temperatures in Northeast China, it is difficult for the demand segment to show significant improvement, and many businesses are adopting a wait-and-see attitude. Overall, it is expected that the price of bearing steel in the Dalian market will remain weak and 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.

The price of bearing steel in Luoyang market is running weakly and steadily, with poor transaction performance. 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 procurement is cautious, the market trading atmosphere is cold, and merchants show a slightly pessimistic sentiment. In terms of profit, merchants are constantly expanding their bargaining space in order to ship more goods, resulting in a gradual narrowing of profits. Considering the difficulty in improving demand, it is expected that the price of bearing steel in Luoyang will remain stable and weaken next week. As of the time of writing, Jiyuan Steel's GCr15 Φ 6.5-23 is quoted at 4550 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 4250 yuan/ton.

【Regarding steel mills】

From December 13th to December 20th, 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.

Ⅱ Next week's outlook

The market price of bearing steel has remained generally stable this week. This week, the black market fluctuated and there were not many bulk orders in the market, which limited the potential for sustained price increases. Therefore, most traders adjust their quotations irregularly based on fluctuations in demand, and it is expected that the market price of bearing steel next week will be mainly stable, with range fluctuations.