China:
When we look at the China's steel market in general, it seems that the market is slowing down. The Steel Logistics Professional Committee (CSLPC) announced that the new orders sub-index increased by 1.5% points. This level was significantly lower than the August 2023 period. In addition, in September 2023, the production volumes sub-index decreased for the second time in a row and fell to 45.0 points. This situation led to the thought that production in the China's steel market would decrease. On the other hand, market analysts state that this situation will experience a slight improvement in October.
China's markets were on holiday between September 29 and October 8, and a decline was observed after the holiday. In addition, China's economic policies and crises in the real estate sector also negatively affect the markets.
In their statements to SteelRadar, traders and factories stated that the holiday in China did not significantly affect the markets.
China rebar (12-32 mm) continued its decline throughout the week. Rebar, which started October at 517 USD, is currently at 499 USD. While rebar prices in the China's domestic market have decreased, purchases have also decreased.
China HRC (hot rolled coil) remained calm during the holiday and experienced a noticeable decline after the holiday. HRC prices, which started October at 532 USD, have currently fallen to 518 USD. There is also stagnation in the HRC export market. The low demand for HRC from many foreign buyers during the holiday did not show any improvement after the holiday.
India:
A general look at the India's steel market shows that steel production is increasing on an annual basis. According to the Joint Plant Committee (JPC), a division of India's Ministry of Metallurgical Industry, steel production in India continues to increase. According to the announced information, India produced 11.482 million tons of steel in September 2023. Average daily production decreased by 0.3% compared to August, but was 16.7% higher than in September 2022. In addition, India continues its rise in domestic consumption of steel products. In September 2023, the volume reached 11 million tons and in six months it reached 63 million tons. It is reported that due to excess domestic demand, Indian companies have suspended the supply of steel products to countries in Southeast Asia and the Middle East.
The holiday in China also negatively affected the Indian market. Due to the holiday, Indian buyers followed a waiting policy.
India rebar (12-32 mm) continues to increase. Rebar, which started October with 606 USD, decreased to 604 USD on October 4. It remained horizontal on October 5. It rose to 607 USD on October 6 and is currently at its highest level of 608 USD.
India HRC (hot rolled coil) is declining. HRC remained flat at 699 USD at the beginning of October until October 6, and its highest level was recorded as 707 USD on October 6. In the current situation, it appears to have dropped to the level of 706 USD.
Comments
No comment yet.