MONTHLY: China's long steel prices seen rangebound in January

Source: Mysteel Jan 03, 2025 15:45

Chinese prices of construction steel including rebar and wire rod are likely to fluctuate in a narrow range during January, as demand will gradually slip to a standstill with the Chinese New Year holiday falling later this month, and production will have more scope for a decline, Mysteel predicts in its latest monthly report. The long steel market may face some pressure as the drop in demand will likely be faster than that of output, the report also suggests.

Last December, domestic construction steel prices showed some resilience as output and inventories were both low, according to the report. For example, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,495/tonne ($479/t) and including the 13% VAT on December 31, up Yuan 50/t