WEEKLY: China’s rebar output grows for 8th week
ABSTRACTChina’s rebar output from 137 sampled steelmakers increased for the eighth consecutive week over April 16-22, or up another 4.1% on week to 3.57 million tonnes, being inches away from the 3.6 million tonnes a year ago, according to Mysteel’s latest weekly production study.
The average rebar rolling capacity utilization rate among these producers went up 3.1 percentage points on week to 78.5% and the operational rate of their rebar rolling lines also nudged up another 2 percentage points on week to 72.5% by the end of last week, according to the survey.
The steady increment in rebar output indicated that Chinese steel mills especially those blast-furnace integrated mills had no intention to trim their output, unperturbed by recent rebar price declines, a Shanghai-based market source noted.
As of April 22, China’s national average daily price for HRB 400 20mm dia rebar dipped Yuan 14/tonne ($7/t) on week or a significant Yuan 639/t on year to Yuan 3,621/t including 13% VAT, according to Mysteel’s data.
Chinese steel market sources, however, reminded the domestic rebar producers to pay close attention to the higher-than-normal rebar stocks as well as overall weaker demand that a year ago and uncertainties in the market in the coming months because of the pandemic.
Despite the 4.1% on-week growth in rebar output was lower than the 5.5% on-week increase in the prior week, rebar stocks in the commercial warehouses of 132 Chinese cities under Mysteel’s weekly survey added up to 15 million tonnes by April 23, down 5.6% on week but way higher than the 9.6 million tonnes from a year ago, according to Mysteel’s data.
China’s weekly rebar output is hard to repeat the 3.8 million tonnes in mid-June 2019, the new high since Mysteel’s commencement of the survey in February 2015, but the present level is still rather high taken into the consideration of the demand prospect, as reported.
Written by Venus Wang, firstname.lastname@example.org
Edited by Hongmei Li, email@example.com
Table 1: Mysteel Rebar Production Survey by Region on April 22 (Unit: ’000 tonnes)
Table 2: Mysteel Wire Rod Production Survey by Region on April 22 (Unit: ‘000 tonnes)
Table 3: Mysteel Rebar Production Survey by Process on April 22 (Unit: ‘000 tonnes)
Table 4: Mysteel Wire Rod Production Survey by Process on April 22 (Unit: ‘000 tonnes)
Table 5: Mysteel Rebar and Wire Rod Stocks Survey by Region on April 22 (Unit: ‘000 tonnes)
Table 6: Mysteel Rebar and Wire Rod Stocks Survey by Process on April 22 (Unit: ‘000 tonnes)
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