DAILY: China rebar price soars $19/t first day post-CNY

On February 18, the first working day after the Chinese New Year holiday in China, the country’s HRB400 20mm dia rebar price soared by Yuan 120/tonne ($18.5/t) from February 10 to Yuan 4,478/t including the 13% VAT, according to Mysteel’s assessment, in tandem with the price surges in both billet and iron ore on the same day.

Over February18, the Tangshan Q235 150mm square billet price in North China’s Hebei province, a barometer of China’s steel market sentiment, surged Yuan230/t to Yuan 4,080/tEXW including the VAT, and the margins for billet, thus, returned to the positive zone from losses around the CNY period due to higher