Chinese Domestic Steel Price Updates - 16 Jan'19

Today steel market of Tangshan is weak with a few transactions in low-cost resources. The transaction in mill direct sales is also weak. It is expected that the billet price will drop RMB10-20 in the afternoon.

Today, the price of general carbon steel billet in Tangshan and Qian'an have lowered in early trading hours and is reported at RMB3,380 (down RMB 30 yesterday) ; prices of finished product today are weak, with strips down RMB 10-20, section steel down RMB 10-30, HRC, medium plate staying stagnant; the product-wise situation is as follows:

Billet: The mill direct sales were weak, and the warehoused stock is reported at RMB 3,430-3,450 with a few transactions in low-cost resources. The inventory of Xiangyu Zhengfeng and Haiyi Hongrun Warehouses in Tangshan was 114,000 tons, which is 1400 tons less than the previous trading day.

HRC: HRC market is stable in wait-and-see atmosphere, now 3.0mm coils is at RMB 3,590-3,600/MT. 5.5mm mainstream flattened is at RMB 3,570-3,580/MT.

Construction steel: Market of construction steels remain stable and the HRB400 of big size is at RMB 3,670-3,700, small size at RMB 3,720-3,750, coiled rebar down RMB20 to be reported at RMB 3,760-3,770.The overall transaction is weak.

Section steel: H steel is stable yet weak ,and reported at RMB 3,520-3,540; I-beam is down RMB 10 to be reported at RMB 3,770-3,780; angle steel is lowered by RMB 10-20 to be reported at RMB 3,800-3,810; channel steel is lowered by RMB 20-30 to stand at RMB 3,750-3,780; market transactions are slow.

Note: All prices mentioned are ex-factory, including taxes.