China’s national average benchmark price of HRB 400 20mm dia rebar continue to stabilize on January 14, assessed at Yuan 3,834/tonne ($548/t) including 13% VAT, or down Yuan 1/t on day amidst the lukewarm market transactions as Chinese New Year (CNY) holiday approaches.
On the same day, China’s total sales volume of rebar, wire rod and bar-in-coil plunged further by 26% on day to 46,990 tonnes/day among 237 sampled steel traders, according to Mysteel’s daily transaction report.
Currently, many of the steel traders have suspended their businesses to go on an earlier break before the CNY holiday officially begins. Major downstream users such as construction sites are also preparing to start their holidays soon, Mysteel Global understands.
CNY holiday officially start on January 24 but Chinese steel agencies tend to follow the work flow of downstream industries, whose holidays usually start earlier than the official dates, Mysteel Global notes.
Besides, Tangshan Q235 150mm square billet price, another crucial marker of the Chinese steel market, also remained unchanged at Yuan 3,300/t EXW, including 13% VAT as of January 14, according to Mysteel’s daily price tracker.
This article has been published under article exchange agreement between Mysteel Global and SteelMint.
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