China’s national average benchmark price for HRB 400 20mm dia rebar decreased further by another Yuan 24/tonne ($3.4/t) from last Friday to Yuan 3,623/t, including the 13% VAT as of March 30, according to Mysteel’s database. Trading volume also retreated slightly on the same day.
The trading volume of construction steel comprising rebar, wire rod and bar-in-coil among 237 major traders under Mysteel’s regular survey declined to 177,493 tonnes/day, inching down 17,159 t/d or 8.8% from last Friday, according to Mysteel’s daily transaction report.
Downstream steel demand had not fully resumed with domestic steel market facing continuous pressure from the relatively high levels of steel inventories. Steel traders are actively choosing to reduce their offers to prompt sales and digest stocks at hand. However, most downstream users are now taking a more cautious stance and only purchased minimally when prices dropped, according to a Shanghai-based market source.
Also on March 30, Tangshan Q235 150mm square billet price, another key indicator of the Chinese steel market’s vitality, edged down another Yuan 30/t on day to Yuan 3,070/t EXW including the 13% VAT, Mysteel’s data showed.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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