DAILY: China’s rebar price hits 8-m high amid optimism

China’s national price of HRB400 20mm dia rebar hit a new high since December 23 2019 after increasing for the seventh consecutive working day. It increased Yuan 13/tonne ($1.9/t) on day and hit Yuan 3,865/t including the 13% VAT on August 6. It was mainly thanks to the prevalent optimistic expectation of a robust demand this fall, although some insiders showed worries over the steady price increments.

On Thursday, the trading volume of steel for construction comprising rebar, wire rod and bar-in-coil totalled 220,354 tonnes/day, up another 5,111 tonnes or 2.4% on day, according to Mysteel’s survey across 237 Chinese steel traders nationwide. The trading volume had stayed above the active trading threshold of 200,000 t/d