Near-term outlook on China's steel products
Below is the brief near-term outlook for five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with Chin...
Below is the brief near-term outlook for five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with Chinese market participants.
Rebar & wire rod: The prices of the two construction steel products may move upward over July 17-21, as speculative buying among traders is likely to be relatively robust, though demand from end-users may remain slack due to high temperatures across the country.
Hot-rolled coil: This price is forecast to increase in the week through July 21, mainly propped up by restocking needs among end-users and a slowdown in the mounting contradiction between hot coil supply and demand.
HRC stocks held by the commercial warehouses in 33 Chinese cities Mysteel follows reversed from four weeks of rises last week, thinning 900 tonnes to 2.8 million tonnes as of July 13.
Cold-rolled coil: This price may be narrowly rangebound in the week ending July 21 amid the slight imbalance between steelmakers' production and demand from the manufacturing sector.
Medium plate: This price is estimated to slightly fluctuate over July 17-21, with many traders holding a view that the market may keep stable in the near term.
Sections: The sections' prices may decrease this week, chiefly as demand from end-users may be constrained further by hot and rainy weather across the country, though there are still optimism for support from the government's policies to stabilize economy.
Written by Rong Zhang, zhangronga@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.