On July 26, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment gained for the third working day, though the pace slowed down with an on-day uptick of just Yuan 1/tonne ($0.1/t), while spot sales of construction steel including rebar reversed from two days of inclines, down 8.7% on day.
On Tuesday, the rebar price rose to Yuan 4,076/t including the 13% VAT, and the trading volume of construction steel also comprising wire rod and bar-in-coil among China’s 237 trading houses under Mysteel’s tracking retreated by 14,997 tonnes/day on day to 156,564 t/d.
“In the short term, the strengthening spot rebar price was largely bolstered by the rebound in iron ore prices,” said a Shanghai-based analyst. However, the price failed to maintain its upward momentum as demand appeared flat, he noted.
As of Tuesday, Mysteel SEADEX 62% Australian Fines had increased for the third working day, up another $8.1/dmt on day to $111/dmt CFR Qingdao.
Other than increased spot rebar prices, the most-traded rebar contract on Shanghai Futures Exchange for October delivery also gained another 0.3% or Yuan 13/t from the settlement price of July 25 to close at Yuan 3,888/t when the daytime trading session ended on Tuesday.
As for semis, the Q235 150mm square billet price in North China’s Tangshan under Mysteel’s assessment remained unchanged for the sixth day at Yuan 3,550/t EXW including the VAT as of Tuesday.
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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