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China’s Metal Market: Steel Prices Fall Further

China metal market steel prices Fall Further

China’s Jan-Aug steel exports dip by 4% YoY

China’s steel exports continued the on-year fall over the first eight months of this year, with the total volume declining by 1.85 million tonnes or 3.9% on year to 46.2 million tonnes, according to the latest data released by China’s General Administration of Customs (GACC) on September 7.

China steel prices fall on pessimism

Over August 29-September 2, China’s domestic steel prices comprising rebar and hot-rolled coil (HRC) showed signs of softening in both spot and futures markets, as market sentiment turned pessimistic with steel production rising after the power shortage in some regions had been eased, while downstream steel demand remained flat mainly due to the constraint in funding, Mysteel Global noted.

China steel prices seen losing ground in Sept

After stabilizing amid tentative optimism in August, Chinese steel prices are likely to weaken again in September, Wang Jianhua, Mysteel’s chief analyst, predicted in his monthly outlook, noting that increasing supply will become the major pressure.

China’s late-Aug daily steel output up 2.2%

China’s daily crude steel output rose steadily over the last eleven days of August to average 2.76 million tonnes/day, up by another 58,200 t/d or 2.2% from the prior ten days, Mysteel estimated, based on its regular survey among 247 blast-furnace and 85 electric-arc-furnace steel mills nationwide.

Source from mysteel.net

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