On March 29, China’s national price of HRB400 20mm dia rebar refreshed its three-year high of Yuan 4,907/tonne ($750/t) EXW including the 13% VAT, while the daily trading of construction steel including rebar among China’s 237 domestic steel traders reversed down 1.2% from last Friday, according to Mysteel’s surveys.
On Monday, the rebar price increased for the third working day or surging by Yuan 95/t from last Friday, and the supply is estimated to be curtailed by the ongoing curbing among the 23 steel mills in Tangshan, North China’s Hebei province, until the yearend.
Besides, the rebar price surge was also in line with the soaring Tangshan Q235 150mm square billet price, which had refreshed its 12.5-year high, up another Yuan 10/t from Sunday to Yuan 4,780/t EXW including the VAT as of March 29, according to Mysteel’s tracking.
As of March 29, the daily trading volume of construction steel including also wire rod and bar-in-coil among the 237 Chinese steel traders, eased 3,571 tonnes/day from last Friday to 289,660 t/d, Mysteel’s data showed.
The spot trading volume, nevertheless, had persisted at a reasonably high level for a steel consumption peak season in China.
Written by Yi Xia, xiayi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Photo: The Wall Street Journal
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