China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment lost ground for the fifth working day on November 5 to reach a four-month low of Yuan 5,016/tonne ($784/t) including the 13% VAT. This was lower by another Yuan 68/t on day and reflected the pessimism prevailing in the domestic market with the lackluster demand from end-users, sources said.
Surprisingly, the spot trading volume of rebar, wire rod and bar-in-coil among China’s 237 traders under Mysteel’s tracking last Friday recovered somewhat to 192,020 tonnes/day, up 46,309 t/d or 31.8% on day, thanks to the replenishment among steel users before the weekend.
However, sentiment in the domestic steel market remained negative as demand is seen weakening further with the cold winter fast approaching in many regions, especially in northern China. This persuaded many Chinese steel mills to lower their rebar list prices by Yuan 30-200/t for sales last Friday, Mysteel Global noted.
The most-traded rebar futures price on the Shanghai Futures Exchange for delivery in January 2022 slipped again on November 5, closing the daytime trading session at Yuan 4,247/t, down another Yuan 25/t from the settlement price on the prior day.
As of November 7, the Tangshan Q235 150mm square billet price in North China’s Hebei was unchanged at Yuan 4,900/t EXW and including the 13% VAT, the same level since October 27, according to Mysteel’s data.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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