Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of March Fluctuates Downward

Weekly Summary: 2024 China Bearing Steel Market Trend in Fourth Week of March Fluctuates Downward

1、 Review of this week

[In terms of price]

This week, the mainstream market prices of bearing steel in China have fluctuated and declined, with GCr15 in five major markets across the country Φ The average price of 30 round steel is 5152.5 yuan/ton.

[Main Market Overview]

The price of bearing steel in the Liaocheng market has declined significantly, and the sentiment of merchants is pessimistic. The bearing steel spot in the Liaocheng market is relatively abundant in resources from Juneng and Jiyuan steel mills, with multiple traders maintaining a stock of around 1000 tons. This week, the purchasing power at the terminal was weak, and the trading atmosphere in the spot market was relatively cold. There were few bulk orders, and the trading enthusiasm of traders was average, with weak willingness to raise prices. In terms of operation, merchants often chose to negotiate on a single basis and did not lock in prices. Overall, it is expected that the bearing steel prices in the Liaocheng market will continue to operate weakly and steadily in the short term. Jiyuan Steel GCr15 Φ Reported at 4680 yuan/ton on 16-29.5, Juneng Special Steel GCr15 Φ Reported at 4550 yuan/ton for 16-90.

The price of bearing steel in the Hangzhou market has fluctuated downward, with average demand performance. The spot inventory in the Hangzhou market is mainly composed of resources from Zhongtian Steel, Nanjing Steel, and Daye Special Steel, and the inventory level remains stable. This week, downstream procurement sentiment is average, with replenishment as needed as the main focus. The market trading atmosphere is slightly cold, inventory consumption is slow, market price support is weak, and bearing steel prices have fallen significantly. Overall, it is expected that the price of bearing steel in the Hangzhou market will continue to be weak in the short term. As of publication, Zhongtian Steel GCr15 Φ 40-140 RMB 4620/ton, Daye Special Steel GCr15 Φ Report 5000 yuan/ton for 20-40.

The price of bearing steel in the Wuxi market has fallen, with average transactions. The spot market in Wuxi is mainly composed of resources from Zhongtian Steel, Xingcheng Special Steel, and Benxi Steel, with most traders having a stock of around 1000 tons. At present, market demand is difficult to release, transactions are average, downstream procurement performance is not positive, and trading sentiment is relatively pessimistic. In order to promote transactions, we choose to negotiate on a per order basis. Overall, it is expected that the price of bearing steel in the Wuxi market will continue to be weak next week. As of publication deadline, Zhongtian Steel GCr15 Φ 40-140 RMB 4630/ton, Xingcheng Special Steel GCr15 Φ Reported between 31 and 90 is 5720 yuan/ton.

The price of bearing steel in the Dalian market has slightly fallen, and market transactions are relatively bleak. In the Dalian market, Bengang, Dongte Group, and Jianlong Beiman have abundant supply of goods, with multiple traders storing 3000-4000 tons. Downstream terminal procurement enthusiasm is weak, and traders are also cautious in their operations. Demand is lower than the same period in previous years, and the market is showing a situation of weak supply and demand. In terms of emotions, given the slightly weak market transactions, merchants tend to hold a cautious wait-and-see attitude. Overall, it is expected that the price of bearing steel in Dalian will slightly decline next week. Current Benxi Steel Special Steel GCr15 Φ 81-130 reported 4700 yuan/ton, GCr15 from Dongte Group Φ 86-180 yuan/ton, Jianlong Beiman GCr15 Φ 30-75 yuan/ton.

The price of bearing steel in the Luoyang market has declined narrowly, and merchants are operating cautiously. In the recent stage, the main sources of goods in the Luoyang market are Jiyuan Steel, Daye Special Steel, and Hegang Stone Steel, with some traders storing around 1000 tons. This week's market feedback shows that downstream terminal enterprises and merchants are cautious in their operations, mostly continuing with essential procurement, resulting in a weak trading atmosphere in the spot market. In terms of inventory, recent transaction performance has been dismal, and the overall speed of inventory consumption in society has slowed down. Considering that the raw material prices are not sufficient to support the spot market prices, it is expected that the bearing steel prices in the Luoyang market will show a stable and weak trend next week. As of publication deadline, Jiyuan Steel GCr15 Φ 6.5-23 quoted 4850 yuan/ton, Daye Special Steel GCr15 Φ Reported at 5100 yuan/ton on the 20th and 40th, Hegang Shigang GCr15 Φ 131-180 reported 4700 yuan/ton.

【In terms of steel mills】

From March 22nd to March 29th, no steel mills have released any price adjustment information. We should continue to monitor consumer demand and the impact of steel mill maintenance next week.

2、 Outlook for next week

This week, the price of bearing steel in the market fluctuated and declined, with weak market transactions. The market price was significantly suppressed by the impact of demand, with a broad downward trend. The speed of social inventory consumption slowed down, and transactions showed signs of weakness. Overall, it is expected that the price of bearing steel in the market will continue to decline narrowly next week.