Local Chinese semi-finished steel prices unlikely to go up much further

Tuesday, 10 September 2019 15:06:26 (GMT+3)   |   Shanghai
       

During the week ending September 10, Chinese domestic semi-finished steel prices have moved up, while transaction activity in the market has been at medium levels. Average prices of steel billet and slab in the local Chinese market are presented in the following table.

Product name

Specification (mm)

Category

City

Price
(RMB/mt)

Price (USD/mt)

Weekly Change 
(RMB)

Weekly Change
(USD/mt)

Billet

150 x 150

Q195-235

Jiangyin,Jiangsu

3,550

501.1

+100

+14

Jinzhong,Shanxi

3,390

478.5

+50

+7

Tangshan,Hebei

3,390

478.5

+40

+6

Fuzhou,Fujian

3,490

492.7

+30

+4

Average price

3,455

487.7

+55

+8

Billet

150 x 150

20MnSi

Jiangyin,Jiangsu

3,670

518.1

+100

+14

Jinzhong,Shanxi

3,490

492.7

+50

+7

Tangshan,Hebei

3,490

492.7

+40

+6

Fuzhou,Fujian

3,590

506.8

+30

+4

Average price

3,560

502.5

+55

+8

Slab

250 x 1,800 x 6,000

Q235

Tangshan,Hebei

3,500

494.1

+70

+10

All prices are ex-warehouse and on actual weight basis and include 13 percent VAT.

During the given week, the demand and supply situation in the local Chinese semi-finished steel market has improved, resulting in price rises. Meanwhile, the People’s Bank of China (PBC) announced on September 6 that it has decided to lower the required reserve ratio (RRR) for financial institutions by 0.5 percentage points on September 16, boosting market players’ sentiments in ferrous metal market. However, following the rises in semi-finished steel prices, buyers have been reluctant to conclude purchases on the upper end of the price range. Market sources believe that domestic semi-finished steel prices in China are unlikely to indicate a sharp increase in the coming week. 

$1=RMB 7.085


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