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

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

1、 Review of this week

[In terms of price]

This week, the mainstream market prices of bearing steel in China have temporarily stabilized, and currently GCr15 is available in five major markets nationwide 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 is temporarily stable, and the sentiment of merchants is cautious. This week, the new arrivals of resources have slightly slowed down. At present, the spot bearing steel in the Liaocheng market is mainly from the resources of Juneng and Jiyuan steel mills, and the inventory of multiple traders is maintained at around 1000 tons. This week, the purchasing power of the terminal was weak, with fewer bulk orders, and the enthusiasm of trading merchants to offer was average. The market was mostly cautious and cautious, and in terms of operation, merchants often chose to negotiate on a single basis without locking in prices. Overall, it is expected that the price of bearing steel in the Liaocheng market will remain stable in the short term. Jiyuan Steel GCr15 Φ Reported at 4620 yuan/ton on 16-29.5, Juneng Special Steel GCr15 Φ Reported at 4500 yuan/ton for 16-90.

The price of bearing steel in the Hangzhou market remained stable and transactions were average. 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's market transactions were average, with downstream restocking mainly based on demand. The market is mostly cautious and wait-and-see, but recently the price of black series has rebounded, and market confidence has shown a trend of recovery. Overall, it is expected that the short-term price of bearing steel in the Hangzhou market will mainly focus on stable operation. As of publication, Zhongtian Steel GCr15 Φ 40-140 RMB 4620/ton, Daye Special Steel GCr15 Φ Reported at 4900 yuan/ton from 20 to 40.

The price of bearing steel in the Wuxi market is temporarily stable, 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, the release of market demand is not as good as in previous years, and downstream procurement performance is cautious. At present, traders have chaotic quotations, and in order to promote transactions, they choose to negotiate on a per order basis. Overall, it is expected that the price of bearing steel in the Wuxi market will operate steadily 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 is mainly stable, and the market trading atmosphere is average. In the Dalian market, Bengang, Dongte Co., Ltd., and Jianlong Beiman have abundant supply of goods, with large-scale traders holding around 3000 tons of inventory. Downstream terminal procurement is cautious, and demand has not reached the expected level, resulting in a significant situation of strong supply and weak demand in the market. In practical operation, it is common for merchants to sell at low prices in order to promote transactions. Considering the recent slight increase in raw material prices, it is expected that the price of bearing steel in Dalian will operate steadily 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 is temporarily stable, but the transaction performance is poor. 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. At present, the market feedback shows that downstream terminal enterprises have insufficient procurement efforts, the trading atmosphere in the spot market is relatively cold, and the speed of inventory consumption has slowed down. Given the slight increase in raw material prices and some support for spot market prices, it is expected that the price of bearing steel in the Luoyang market may temporarily stabilize next week. As of publication deadline, Jiyuan Steel GCr15 Φ 6.5-23 quoted 4800 yuan/ton, Daye Special Steel GCr15 Φ 20-40 RMB 5050/ton, Hegang Shigang GCr15 Φ 131-180 yuan/ton.

【In terms of steel mills】

From April 12th to April 19th, 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 has remained stable, with average market transaction performance. Although there are signs of improvement in the market, most downstream companies still maintain a cautious wait-and-see attitude, with primary demand procurement. At present, trading quotes are relatively chaotic, with operations mainly focused on selling inventory to recover funds. In terms of sentiment, given the upward volatility of black futures this week, market confidence is showing a trend of recovery. Overall, it is expected that the bearing steel market price will remain stable next week.