Re-bar prices in Chinese domestic market dropped by about RMB 130-165/MT (USD 20-25) on falling futures and slow construction activities due to extreme weather in several parts of the country.
Re-bar prices in Chinese steel hub (Tangshan) have dropped by about RMB 130-165/MT (USD 20-25) to reach at RMB 4150-4250/MT (USD 633-650), prices including 17% VAT.
Billet prices have also dropped by RMB 165/MT (USD 25) to RMB 3,700/MT (USD 565), ex-Tangshan, including 17% VAT.
“Lower temperature in northern part of China has stopped several construction projects resulting in low demand of steel.” Reported a local trader based in Beijing.
Hebei Iron & Steel Company (HBIS), China’s second largest steel producer by output, announced on December 22 to lower its HRB400E Ф12-14mm rebar ex-works price by Yuan 330-350/MT (USD 50-53) over ten days to Yuan 4,470/MT for end December deliveries,he further added.
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