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New steel orders seen to stay flat
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CHINESE steel market players expect September’s new steel orders to remain at similar levels as last month although prices could weaken, according to global commodities information provider Platts.
The latest Platts China Steel Sentiment Index read 55.64 out of a possible 100 points in September, up just 0.45 points from August’s 55.19. It was also the second consecutive month the CSSI has stayed above the 50 threshold.
A reading greater than 50 indicates hopes of an increase.
The outlook for new domestic steel orders rose by 1.35 points to 58.33, while export order hopes for September deteriorated by 10.09 points to 24.48.
Crude steel production was set to stay relatively flat in September, compared with August, while steel inventories held by traders were expected to rise further amid weak demand.
Prices of flat steel products, such as hot rolled coil, are seen to weaken in September, the index showed. Sentiment is more positive regarding domestic demand, while hopes for export orders fell 10.09 points in September to 24.48.
“Generally, market sentiment remains extremely pessimistic with domestic steel prices at record lows, while demand from the manufacturing and property construction sectors has yet to improve,” said Paul Bartholomew, a Platts analyst.
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