After experiencing the decline last week, steel prices in China have begun the strong upward trend on the opening of this week.
On August 30, as known from Shanghai steel market, price of species such as high line steel, common line steel and hot rolled coil either go up further, or maintain the high level. Among them, Q235 hot rolled coil produced by Anshan Steel has closed at CNY 4190 per tonne up by CNY 10 per tonne compared to the price of the day before yesterday.
However, resisting factors are also obvious for the upward trend of China’s steel price, and the biggest resistance is the rapid rehabilitation of production capacity, especially by mid and small sized steel mills, which will increase market supply in general. Compared to the daily production in July, the daily production in August has increased considerably. Meanwhile, the rising bottom price and the relief of stock pressure also help to facilitate the reproduction of China’s domestic steel enterprise.
Nevertheless, advantages which are firm support of the future surge for China’s steel price are also strong.
First, construction projects in Fall will increase, which means the consumption of construction steel will also increase and bring about more market demand. Although real estate controlling policies are still valid and rigid, obviously these policies cannot stop already-scheduled projects from coming into operation.
Second, automobile market will also come into the boom season in Fall. Besides, the end of the year is also coming, so it can be optimistically predicted that automobile sales will soar and so will the demand of automobile steel.
Last but not least, the support of material cost still exists.
To conclude, in recent period, China’s steel price will be stuck in shocks, in order to wait for the release of production capacity and soar of demand. So, the trend of steel price will not be clear until October.
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