On October 19, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment dipped for the seventh working day though the pace slowed with the on-day decline at just Yuan 4/tonne ($0.6/t), while spot sales of construction steel including rebar gained for the second working day by 5.1% on day, as demand showed signs of modest pick-up.
On Tuesday, the rebar price softened to Yuan 5,820/t including the 13% VAT, and the spot trading volume of construction steel also comprising wire rod and bar-in-coil among China’s 237 traders under Mysteel’s tracking mounted by 9,730 tonnes/day on day to 200,993 t/d, or back to 200,000 t/d threshold again after nearly 10 days.
The Q235 150mm square billet price in North China’s Tangshan, an indicator of the Chinese steel market sentiment, was assessed by Mysteel at Yuan 5,220/t EXW including the VAT as of October 19, or up Yuan 20/t on day after two days of stability, partly as the market sentiment imporved on hearing the further tightening in power use among steel mills in East China’s Jiangsu starting October 19.
As of October 19, the most-traded January 2022 rebar contract on the Shanghai Futures Exchange showed a disparity against the physical market, as it rebounded by Yuan 122/t or 2.3% from the settlement price of October 18 to close at Yuan 5,546/t when the daytime trading session ended.
Written by Rong Zhang, zhangronga@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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