On April 19, China’s national HRB400E 20mm rebar price slipped for the second working day, down Yuan 7/tonne ($1.1/t) on day, while the daily sales of construction steel including rebar had been gaining for the third working day, according to Mysteel’s surveys.
On Monday, the rebar price was assessed at Yuan 5,089/t including the 13% VAT, while domestic spot sales of construction steel including rebar, wire rod and bar-in-coil among China’s 237 steel traders under Mysteel’s tracking grew another 14,054 tonnes/day on day to 255,202 t/d, showing that demand especially from end-users had been rather robust.
As of April 19, Mysteel’s assessment of the Q235 150mm square billet price in North China’s Tangshan, a barometer of Chinese steel market sentiment, reversed down by Yuan 20/t on day to Yuan 4,940/t EXW including the VAT after having persisted at Yuan 4,960/t EXW including the VAT for the four assessment days.
Lower-priced billets flown from other regions and overseas had eased the supply tightness to the local re-rollers in Tangshan, market sources shared.
In the near term, China’s domestic steel prices may be under pressure as the central government had been paying more attention on the high bulk commodities prices.
Written by Yi Xia, xiayi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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