On July 13, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment declined for the fourth working day by another Yuan 49/tonne ($7.3/t) to a 19-month low of Yuan 4,090/t including the 13% VAT.
On Wednesday, spot sales of construction steel comprising rebar, wire rod and bar-in-coil among 237 Chinese trading houses under Mysteel’s tracking reversed from three days of declines, up by 8,879 tonnes/day or 7.6% on day to 126,092 t/d.
The continuous fall in spot rebar prices had encouraged some end-users in urgent need to take some tonnage, but the trading volume was still lackluster in general amid high summer temperatures in many parts of China and the traditionally slack season for rebar consumption, market sources shared.
Chinese longs prices were unable to get any support form semis, as the Tangshan Q235 150mm square billet price in North China’s Hebei province under Mysteel’s assessment lost another Yuan 50/t on day to Yuan 3,650/t EXW and including the VAT on Wednesday.
In line with the decline in spot steel prices, the most-traded October rebar contract on Shanghai Futures Exchange also fell by Yuan 87/t or 2.2% from the settlement price of Tuesday, closing the daytime trading session of Wednesday at Yuan 3,910/t.
Written by Villanelle Xia, xiayi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Leave a Reply