China’s national daily price of HRB 400 20mm dia rebar which Mysteel assessed on May 27 averaged at Yuan 3,766/MT (USD 538/MT) including 13% VAT. It decreased slightly by Yuan 7/MT on day, a move to boost market sales which slid in the previous day.
Mysteel tracked the national sales volume of long steel products comprising rebar, wire rod and bar-in-coil among 237 sampled traders at 249,661 MT/day on Wednesday, jumping up 15.9% on day.
“Rainy season in East China has already come, and long steel procurement from construction projects is turning more cautious… At least in the near term, rebar prices will be affected by the unstable demand from the construction sector,” explained a Shanghai-based market insider.
Tangshan Q235 150mm square billet price, another indicator of the Chinese steel market sentiment, also dropped Yuan 20/MT on day. It reached Yuan 3,240/MT EXW and including 13% VAT as of May 27, according to Mysteel’s data. This decrease points towards the market’s concern about the demand for the upcoming rainy season.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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