China’s rebar price up, spot steel sales dip 18%
Source：Mysteel Sep 14, 2021
On September 13, China’s national price of HRB400E 20mm dia rebar assessed by Mysteel increased for the third working day by another Yuan 64/tonne ($9.9/t), while spot sales of construction steel including rebar fell for the second working day, down 18.4%, both according to Mysteel’s tracking and against September 10, suggesting the mixed market sentiment for the time being.
- The rebar price was assessed at Yuan 5,589/ton, or a 3.5-month high, and the Tangshan Q235 150mm square billet price in North China’s Hebei gained for the fourth assessment day by another Yuan 30/t on day to Yuan 5,250/t EXW, both according to Mysteel’s assessments and including the VAT.
- China’s domestic steel prices have been supported by the large-scale steel production curbs including major steel producing bases, and mills have seen their profit margins up further especially with recent raw material price drops, Mysteel Global noted.
- On September 13, Mysteel SEADEX 62% Australian Fines, for example, fell to $121.65/dmt CFR Qingdao, or a new low since November 9 2020 after a drop of $6.55/dmt from last Friday.
- On the other hand, spot trading volume of construction steel also including wire rod and bar-in-coil among the 237 traders across China fell by 36,104 tonnes/day from last Friday to 159,783 t/d on September 13, partly as operations at many ports and warehouses in East China’s Zhejiang, Jiangsu and Shanghai have been or will be affected by the latest Typhoon Chanthu.
- The mixed market sentiment saw the most-traded January 2022 rebar contract on the Shanghai Futures Exchange down after two days of gains, slipping Yuan 33/t or 0.6% from the settlement price of September 10 when closing the daytime trading session of September 13 at Yuan 5,642/ton.
Post time: Sep-14-2021