On February 22, China’s rebar price rose to its two-year high after having nudged up for the fourth consecutive day since China was back to work from the Chinese New Year (CNY) break on February 18, and the daily sales of construction steel including rebar, wire rod and bar-in-coil revived to 101,029 tonnes/day , according to Mysteel’s monitoring.
On Monday, China’s national price of HRB400 20mm dia rebar surged another Yuan 74/tonne ($11.5/t) from February 20, a make-up working day in China, to Yuan 4,656/t including the 13% VAT, and the trading volume was 7,502 t/d on February 5, the last day that Mysteel collected the daily trading volume before the CNY holiday, according to Mysteel’s latest surveys.
The demand for rebar in China’s spot market has been reviving after the CNY holiday, though some construction sites will only resume operating after February 26, when the CNY celebration is over after 15 days, Mysteel Global understood.
The rebar price rise, in comparison, though, was not as substantial as China’s billet price that had shot up to and persisted at its nine-year high, and on February 22, the Tangshan Q235 150mm square billet price, for example, gained another Yuan 70/t from February 21 to Yuan 4,250/t EXW including the VAT.
Written by Yi Xia, xiayi@mysteel.com
Edited by Hongmei Li, li.hongmei@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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