On December 28, steel prices in China decreased further, with rebar price declining for the fourth day and Tangshan billet price dipping for the third day. Besides, construction steel sales reversed down after last Friday’s rebound, Mysteel Global assessed.
China’s national price of HRB400 20mm dia rebar lost Yuan 14/tonne ($2.1/t) from last Friday to Yuan 4,394/t including the 13% VAT as of December 28, according to Mysteel’s data. Also on December 28, the trading volume of construction steel including rebar, wire rod and bar-in-coil shed 9,728 tonnes/day or 5.1% from last Friday to reach 180,303 t/d, according to Mysteel’s survey across 237 sampled traders throughout China.
In the wake of a sharp fall in temperature across most domestic areas, the steel demand from building contractors is forecasted to remain bleak. Considering spot prices are now much higher than the same period last year, traders are less willing to stock up for winter at the current price levels and are instead, expecting some room for spot prices to fall, Mysteel Global understood from market sources.
On Monday, the Tangshan Q235 150mm square billet price lost Yuan 50/t on day to Yuan 3,770/t EXW including the 13% VAT, Mysteel’s daily tracking showed.
Written by Rong Zhang, zhangronga@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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