On March 5, China’s national price of HRB400 20mm dia rebar declined for the second day, down another Yuan 48/tonne ($7.4/t) on day to Yuan 4,720/t including the 13% VAT, though still remaining high due to support on input costs, and the daily trading volume of construction steel including rebar reversed up 7.5% on day after two days of declining, according to Mysteel’s tracking.
Last Friday, the spot trading volume of construction steel including also wire rod and bar-in-coil among the 237 Chinese steel traders added up to 158,605 tonnes/day, or up 11,106 t/d from March 4, according to Mysteel’s survey.
China’s domestic steel market sentiment was not all positive, as rebar price, for example, appeared rather resilient while its stocks had been up both at the traders and steel mills, and output had been rising too.
China’s rebar output from the 137 sampled mills including both the integrated mills and re-rollers, for example, gained 5.9% on week to 3.38 million tonnes over February 25-March 3, and the rebar stocks at the 137 Chinese steel mills rose 1.4% on week to 5.22 million tonnes as of March 3, and the inventories at the traders in the 132 cities grew another 6.7% on week to 13 million tonnes as of March 4, both had been up for the ninth week, according to Mysteel’s surveys.
On March 7, the Tangshan Q235 150mm square billet price in North China’s Hebei province, soared Yuan 110/t from that on March 5 to Yuan 4,410/t EXW including the VAT, according to Mysteel’s monitoring, and on the very day, the local authority has imposed another round of curbing on steel operations because of heavy air pollution, Mysteel Global noted.
Written by Rong Zhang, zhangronga@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Photo: The Wall Street Journal
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