DAILY: China steel prices slip further, sentiment worse
Sep 22, 2020 10:30
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel, an indicator of China’s steel market dynamics, declined by another Yuan 15/tonne ($2.2/t) from last Friday to Yuan 3,780/t including the 13% VAT as of September 21. The price had softened for five working days in a row and market sentiment deteriorated as steel demand had remained weak.
On Monday, trading of construction steel comprising rebar, wire rod and bar-in-coil totalled 213,102 tonnes/day, reversing down 23,850 t/d or 10.1% from last Friday, according to Mysteel’s daily monitor across 237 steel traders in China. The trading was far below the previous market expectation that September would be a robust