Jaway Stainless Steel

Chinese domestic levels unshackled on rally in commodity market

5th July was path breaking in unending sob story of steel market in China. In this morose and pathetic market condition even a brief improvement in prices came as whiff of fresh air.

The unbroken streak of purging over the last 1 month seemed unending at least in Q3 as apart from the interest rate hike setting of monsoon was taking its toll.

It seems when the chips are down and the commodity trading seems to have brushed up the sagging sentiments. It is reported that the Shanghai steel futures rose more than 1% to their highest in nearly three weeks on Monday, chasing gains in Chinese equities.

The gains in rebar futures were in line with rises in Chinese equities and other Shanghai traded commodities.

In our opinion it is the proverbial flash in pan as the demand outlook continues to be bleak in the short term as the demand from construction segment will languish during monsoon and high lending rates.

Rebar

Location Change
Shanghai 10
Hangzhou 10
Nanjing 20
Jinan 0
Hefei 20
Fuzhou 0
Nanchang 20
Guangzhou 0
Changsha 0
Wuhan 20
Zhengzhou 0
Beijing 30
Tianjin 30
Shijiazhuang 30
Taiyuan 0
Shenyang 0
Harbin 0
Chongqing 0
Chengdu 0
Guiyang 20
Kunming 0
Xian 0
Lanzhou 0
Urumchi 0


Change is on July 5th as compared to 4th July 2011
In CNY per tonne

HRC

Location Change
Shanghai 40
Hangzhou 10
Nanjing 20
Jinan 0
Hefei 20
Fuzhou 30
Nanchang 20
Guangzhou 10
Changsha 10
Wuhan 10
Zhengzhou 20
Beijing 40
Tianjin 40
Shijiazhuang 0
Taiyuan 10
Shenyang 10
Harbin 10
Chongqing 0
Chengdu 0
Kunming 0
Xian 0
Lanzhou -20
Urumchi 0


Change is on July 5th as compared to 4th July 2011
In CNY per tonne

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