Chinese rebar prices seen staying high till end-April

The domestic price for HRB 400 20mm rebar across China reached a five-month new high on Monday of Yuan 4,260/tonne ($635.8/t). Monday’s performance contrasted with last week where the rebar price merely hovered, and led market watchers to predict such strong price momentum will continue for the remainder of this month, thanks to sound downstream demand for longs.

As of Monday, the national sales volume of long steel products – chiefly rebar, wire rod and bar-in-coil – at the 237 steel traders Mysteel regularly monitors across the country was lower by nearly 10% from last Friday. Nonetheless, the daily volume was above the 200,000 tonne/day threshold at