China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment had declined for the fourth working day on February 6, down by another Yuan 14/tonne ($2.1/t) on day to Yuan 4,275/t including the 13% VAT, while spot sales of construction steel remained low after the Chinese New Year (CNY) holiday.
The daily trading volume of construction steel among the 237 steel traders across China under Mysteel’s tracking stood at 66,530 tonnes/day on Monday when Mysteel resumed its daily trading volume survey on construction steel trading including rebar, wire rod and bar-in-coil among Chinese traders.
Some domestic steel mills tabled lower offering prices for rebar after noting the weakening signs in the derivatives market yesterday morning. However, in the afternoon when rebar contracts on the Shanghai Futures Exchange (SHFE) rebounded, market sentiment improved and spot transactions edged up accordingly, Mysteel Global noted.
At last, the most-traded rebar contract on the SHFE for May delivery posted a slight increase, up by Yuan 18/t or 0.5% from the settlement price of last Friday to close the daytime trading session at Yuan 4,049/t as of Monday.
Prices of semis also declined with the softening in finished steel prices, with the Tangshan Q235 150mm square billet price in North China’s Hebei province under Mysteel’s assessment losing Yuan 40/t from Sunday to Yuan 3,770/t EXW and including the VAT as of Monday.
Written by Carly Chen, chenziyi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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