China’s national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,310/tonne ($638/t) including the 13% VAT on August 9, or having reversed down by a minor Yuan 2/t on day after a just one-day rebound, and spot sales of construction steel including rebar had eased for the second day by a large 24.7%, indicating shaky market sentiment and subdued steel demand from end-users.
On Tuesday, the spot trading volume of construction steel also comprising wire rod and bar-in-coil among 237 Chinese trading warehouses under Mysteel’s tracking lost 43,071 tonnes/day on day to 131,344 t/d.
“Outdoor construction activities here have been affected to some extent by the persistent and intense heat waves,” said a market source in East China’s Jiangsu province.
On Wednesday morning, China’s National Meteorological Center issued another orange alert for high temperatures in many regions across the country, noting that temperatures in some parts of Shaanxi, Hubei, Hunan, Sichuan, Chongqing, Jiangsu and Zhejiang may surpass 40 degrees Celsius during the day.
As for semis, the Q235 150mm square billet price in North China’s Tangshan under Mysteel’s assessment increased by Yuan 20/t on day to Yuan 3,780/t EXW including the VAT as of Tuesday.
Meanwhile, the most-traded rebar October contract on the Shanghai Futures Exchange retreated from two days of inclines, down Yuan 13/t or 0.3% from the settlement price of Monday when closing the daytime trading of Tuesday at Yuan 4,089/t.
Written by Rong Zhang, zhangronga@mysteel.com
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.
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