Steel stocks at Chinese traders decline further by 2.6%
Inventories of the five major steel products held by Chinese traders eased further by 597,900 tonnes or 2.6% on week over July 8-14, as against the 537,900 tonnes or 2.3% on-week decline in the prior period, Mysteel’s weekly survey has found. Fewer deliveries from mills to the traders’ warehouses accounted for the dip, and the fact that traders also sold some tonnage in their attempts to generate cashflow.
China mills’ import iron ore use, stocks both fall
Daily consumption of imported iron ore sintering fines at the 64 Chinese steelmakers under Mysteel’s survey declined to a three-month low of 510,600 tonnes/day on average over July 7-13, down for the second week by another 14,600 t/d or 2.8% on week, new data show. Market watchers weren’t surprised as mills are cutting production while their margins and steel demand are both terrible.
China’s rebar price at 19-mth low, sales remain low
On July 13, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment declined for the fourth working day by another Yuan 49/tonne ($7.3/t) to a 19-month low of Yuan 4,090/t including the 13% VAT.
China’s 304 stainless prices slip, buying finally improves
Over July 5-12, the slide in spot prices of 304-grade stainless steel in China that started in early May continued, though the on-week decrease was smaller compared to that of previous weeks, according to Mysteel’s tracking. However, during the period stainless buying among users finally became active, market sources noted.