China’s national price of HRB400E 20mm dia rebar assessed by Mysteel reversed up Yuan 45/tonne ($6.9/t) on day to Yuan 5,387/t including the 13% VAT as of July 23, as more provinces had requested local steel mills to reduce their crude steel production for the remainder of this year, which had lent support to domestic steel prices on probably less supply.
As of July 23, China’s
near-term steel market sentiment improved further too, as the most-traded rebar
contract on the Shanghai Futures Exchange for October delivery closed higher
for the third consecutive day, ending the daytime trading session at Yuan
5,671/t, or up Yuan 122/t compared with the settlement price on the prior day.