China’s domestic steel prices have changed little since the start of 2020 and the market is getting quieter with more market participants leaving for home to celebrate the Chinese New Year holiday that will start on January 24 until January 30.
As of January 21, Mysteel’s national average price for HRB400 20mm dia rebar had stayed at Yuan 3,834/tonne ($555/t) including the 13% VAT for four successive working days, and on the same day, the Tangshan Q235 150mm square billet price, another key indicator of the Chinese steel market, rested at Yuan 3,300/t EXW including 13% VAT, as steelmakers in Tangshan, North China’s Hebei province, has decided against any price changes since January 13 amid a quiet market until the end of the Chinese New Year holiday.
China’s spot trading of construction steel, the most liquid products, has come to a standstill as most of the traders have left the market and most downstream construction sites also halted operation too as of January 21, only three days ahead of the one-week CNY holiday.
Mysteel will resume updating daily construction steel trading volume among the 237 traders across China on February 3.
Meanwhile, China’s imported iron ore market into a similar quietness, with Mysteel’s price index for the 62% grade portside iron ore fines (PORTDEX 62% Fe Australian iron ore fines) hovering at Yuan 700/wmt FOT Qingdao including the 13% VAT, unchanged on day.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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