Japanese integrated steel makers are in hard price negotiations for steel sheet export in July-September. Steel makers are offering price hike by more than US$ 100 per tonne to reflect cost upsurge for iron ore and coal. Overseas sheet users are on wait-and-see stances since Chinese steel market turned weak in late April. A large dealer source said Chinese inventory adjustment could finish in 2 months and the country’s economic growth would return to be active in August. However, spot export demand for Japanese steel sheet may decrease for July-September.
Chinese government carried out squeeze of real-estate transaction in mid April and raised reserve deposit rate in early May. The sales of consumers’ durables slowed down as a result. Steel sheet inventories increased at Chinese brokers and processors when they had speculatively procured steel products before steel makers’ price hike. Consequently the market price turned down. Chinese overstocks are flowing out to South Korea, ASEAN or Central America. Chinese steel export exceeded 4 million tonnes in April, 4 times of the recent bottom at 1 million tonnes in May 2009. Asian steel sheet market price is lowering compared with the contracted price for June shipment due to Chinese export increase. Another negative factor for Japanese steel makers’ price hike offers is weak trend of Korean won. Meanwhile, Chinese manufacturing industry keeps active operation. Production of cars and home appliances decreased in April from March but maintained upward trend compared with a year earlier. Demand is also high for building materials thanks to the government’s economic stimulus measure. In addition, Chinese government is expected to reduce VAT refund rate on exports in a short term. Japanese steel makers forecast steel sheet supply would keep tight for a while along automobile makers’ and electric appliance makers’ positive output plans, even if spot export decreases.Japan Steel Scrap Composite Prices (Sangyo Press)
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