On October 22, China’s national HRB400E 20mm dia rebar price declined for the 10th consecutive day, down Yuan 138/tonne ($21.6/t) on day to Yuan 5,586/t, while the Q235 150mm square billet price in Tangshan showed signs of stabilizing after a Yuan 100/t slump last Friday, remaining unchanged at Yuan 4,990/t EXW by October 24, both including the VAT and assessed by Mysteel.
Despite sharp falls in rebar price, spot trading of construction steel among 237 steel traders nationwide consisting of rebar, wire rod and bar-in-coil rebounded on day last Friday, up 49,777 tonnes/day or 41.5% from an eight-month low as of October 21 to 169,846 t/d on Friday.
“Buying (of billet) has picked up after recent steep falls, especially on Sunday,” an industry source based in Tangshan in North China’s Hebei commented.
Written by Olivia Zhang, zhangwd@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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