Chinese steel prices have continued to down-trend in September. The main rebar futures contract has steadily hit new lows this year, and spot prices have also fallen. In some regions, rebar fell below the RMB 3,000/t ($423/t) mark again. Tanghshan hot rolled coil (HRC) and rebar prices have been declining since June 2024. Benchmark HRC dropped m-o-m in August to RMB 3,364/t ($474/t) compared to RMB 3,694/t ($520/t) in July. Till 12 September, prices averaged an even lower RMB 3,215/t ($453/t). Similarly, benchmark rebar averaged RMB 3,204/t ($451/t) till 12 September. Overall, current rebar prices are lower compared to July’s RMB 3,494/t ($492/t) and August’s RMB 3,221/t ($454/t).
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