WEEKLY: China's rebar output dips to 4-m low during CNY
During the period, both the average capacity utilization rate and operational rate of the surveyed mills' rebar rolling lines decreased, with the former slipping by 1.1 percentage points on week to 56%, and the latter dwindling 1.3 percentage points on week to 42.6%.
As of February 2, rebar stocks at those 137 steel producers surged for the second week by a large 1.3 million tonnes or 67% to reach 3.2 million tonnes, as deliveries from steel mills to trading houses had been dampened due to stagnant transportation during the Chinese New Year (CNY) holiday over January 31-February 6, while some integrated mills had maintained production, according to the survey.
Meanwhile, the tonnage at commercial warehouses in the 132 Chinese cities under Mysteel's tracking registered a five-week rise, climbing by 1.8 million tonnes or 35.5% on week to around 7 million tonnes as of February 3.
The survey suggested that retail steel stocks may accumulate further as transportation has yet to fully resume service after the holiday, coupled with adverse winter weather.
On February 7, the first working day after the CNY break, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,892/tonne ($770/t) including the 13% VAT, or higher by Yuan 75/t from January 30, a substitute working day for the CNY holiday.
There was no price assessment by Mysteel over the holiday. And Mysteel will resume tracking the spot trading of construction steel comprising rebar, wire rod and bar-in-coil among the 237 Chinese steel traders it follows from February 14 when most traders will return to the market after their long holiday breaks.
Written by Rong Zhang, zhangronga@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
Table 1: Rebar Production Survey by Region by Feb 2
Table 2: Wire Rod Production Survey by Region by Feb 2
Table 3: Rebar Production Survey by Process by Feb 2
Table 4: Wire Rod Production Survey by Process by Feb 2
Table 5: Mills' Rebar and Wire Rod Stocks by Region by Feb 2
Table 6: Rebar and Wire Rod Stocks Survey by Process by Feb 2
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