Steel market Info brief
- China spot steel inventories were down in late March
2. Steel consumption in March and April, when is traditional peak season, has been sluggish this year as the pandemic disrupted industrial activities.
HAPP NEW YEAR OF 2022
It is the last day of 2021, and tomorrow is a new beginning.
May all the unhappy things, such as sorrow, tears, bitterness, pass away,
May all the wonderful things, such as health, wealthy, happiness, come in 2022 as expected.
Happy New Year!
CNY hits Four-month High against US Dollar
The Chinese yuan has appreciated against the US dollar since June, and it hit its strongest level on 20 Oct, falling below 6.4 to the greenback.
The onshore yuan logged 6.3956 against the dollar in morning trading on 20th Oct, 0.2 percent stronger than yesterday’s close.
Swollen foreign exchange cash deposits and a strong export are considered as the reasons. And this trend will not change in short term.
Due to the appriciated CNY, the quote for export products in USD will be higher.
Follow us and keep an eye on the market change.
Again, China raises export tariffs, remove export tax rebates for steel products
China will raise export tariffs for pig iron and ferrochrome, and remove export tax rebates for 23 steel products from Sunday, say 1st August 2021. This is the second adjustment in three months. The last is 1st May 2021. All these policies seek to ensure domestic supply while controlling capaciy and reduce steel output.
Steel Price Plumets after Soars
Steel price in China keeps its up trend since beginning of 2021.
and it is soaring when time marching in May. This trend gives a stiff line on the price index as following. But it starts to plumet from mid of May. All kinds of steel material,such as galvanzied steel, prepainted steel, steel wire, wire rod, etc. drops. From this week, the market seems calming down. Market player should buy according to their demand now.
Steel Price in China
Since covid pandemic in 2020, topic of the soaring freight rate and soaring material price are always on the top trending.
Let’s see the following price trending at following, steel price jumps to the air after Chinese New year Festival.
The early you buy the lower the cost is. From Iron Ore, billet,to hot-rolled steel, from Cold rolled steel to galvanized, galvalume steel, from prepainted steel to profiled or corrugated steel, the trending is up up and up.
Our company has been in steel industry since 2005. The main products cover GI, GL, PPGI and PPGL. In order to meet various requests from our clients over all the world,we also supply accessories, such as screws and nails.
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