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Chinese steel prices continued to decline last Friday but steel trade, especially in East China, rebounded after the continuous price falls. Mysteel’s national average HRB400 20mm dia rebar benchmark price fell for a fourth consecutive day, losing another Yuan 25/tonne ($3.5/t) on day to Yuan 3,843/t including the 13% VAT as of September 20.
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The national average benchmark price of HRB400 20mm dia rebar decreased for a third successive day on Thursday but at the faster pace of Yuan 24/tonne ($3.4/t) on day to Yuan 3,868/t including the 13% VAT as of September 19.
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Chinese steel prices continued to gain ground on Monday, reflecting brisk trading activity. Mysteel’s national HRB400 20mm dia rebar benchmark increased by another Yuan 17/tonne ($2.4/t) from last Thursday to Yuan 3,901/t including the 13% VAT as of September 16, returning to early-August price levels. Last Friday was a holiday for China’s Mid-Autumn Festival.
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The Tangshan Q235 150mm square billet price, a major indicator of China’s steel market sentiment, gained Yuan 10/tonne ($1.4/t) over September 13-15 to reach Yuan 3,380/t EXW and including the 13% VAT as of September 15, still hovering at this year’s low.
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China’s national HRB400 20mm dia rebar benchmark price had been on an uptrend for nine consecutive working days as of September 10, up another Yuan 22/tonne ($3.1/t) on day to Yuan 3,885/t including the 13% VAT, or back to its early August level.
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Mysteel’s national average benchmark price for the HRB400 20mm dia rebar marched up by another Yuan 21/tonne ($3/t) from last Friday to Yuan 3,863/t and including the 13% VAT as of September 9, after a short pause last Friday with merely a rise of Yuan 1/t, and spot trading of construction steel surged to its five-month high too, indicating the materialization of a recovery in demand.
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China’s national average HRB400 20mm dia rebar benchmark price went up for the fifth working day on September 4, gaining another Yuan 17/tonne ($2.4/t) on day to Yuan 3,810/t including the 13%, though market sentiment was mixed with cautious optimism and pessimism.
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Mysteel’s national average price for HRB400 20mm dia rebar increased for the fourth successive day on September 3, up another Yuan 24/tonne ($3.3/t) on day to Yuan 3,793/t including the 13% VAT, though the spot trading of construction steel swung.
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Mysteel’s national average benchmark price for the HRB400 20mm dia rebar strengthened further by Yuan 27/tonne ($3.8/t) from last Friday to Yuan 3,769/t and including the 13% VAT as of September 2, according to Mysteel’s database, and the daily trading of construction steel hit its over three-month high, indicating a possible revival in downstream demand.
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Mysteel’s national HRB400 20mm dia rebar benchmark price rebounded slightly after having refreshed a 26-month low on August 28, up Yuan 2/tonne ($0.3/t) on day to Yuan 3,738/t including the 13% VAT as of August 29, while the Chinese steel market sentiment stayed cautious with no clear signs of actual demand revival yet.
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Chinese domestic rebar prices declined further on August 29, given the weak performance of rebar futures prices that day and the persisting pessimistic sentiment, with Mysteel’s national average price for HRB400 20mm dia rebar dropping further by Yuan 19/tonne ($2.7/t) on day to Yuan 3,736/t including the 13% VAT, refreshing its 26-month low, Mysteel Global noted.
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China’s national average price for HRB 400 20mm dia rebar lost another Yuan 42/t ($5.9/t) on day Tuesday to reach Yuan 3,755/t including the 13% VAT, according to Mysteel’s assessment, making for a 26-month low after this key price reached Yuan 3,744/t on June 27 2017.
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China’s long steel prices declined with Mysteel’s national average price for the HRB400 20mm dia rebar hitting its 17-month low of Yuan 3,806/tonne ($537/t) including the 13% VAT as of August 22 after having declined for the third day by another Yuan 4/t on day, and actual demand remained sluggish though the spot trading volume grew further.
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Mysteel’s Tangshan Q235 150mm square billet benchmark price, a key barometer of China’s steel market sentiment, fell to its six-month low of Yuan 3,400/tonne ($485.7/t) EXW and including the 13% VAT as of August 21 after five successive days of decline, or down another Yuan 20/t on day as of Wednesday.
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Mysteel’s Tangshan Q235 150mm square billet benchmark price, a barometer of China’s steel market, fell further by Yuan 20/tonne ($2.8/t) from last Friday to a two-month low of Yuan 3,420/t EXW and including 13% VAT as of August 18.
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China’s national average price for HRB400 20mm dia rebar reversed down on August 15 after a two-day rebound, dipping by Yuan 6/tonne ($0.9/t) on day to Yuan 3,842/t including the 13% VAT even though the steel inventories at the traders showed signs of decreases.
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China’s steel trading, especially that in East and South China, rebounded substantially on Monday when China’s domestic long steel prices continued to decline and the super typhoon Lekima, after thrashing the regions over the weekend, moved northward.
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As of August 6, China’s national HRB400 20mm dia rebar benchmark price fell by another Yuan 28/tonne ($4/t) on day to Yuan 3,935/t and the Tangshan Q235 150mm square billet price down Yuan 20/t on day to Yuan 3,540/t EXW, both prices, including the 13% VAT, had been the fourth-day decline when the market sentiment stayed pessimistic.
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China’s steel prices stayed on the downtrend on August 5 as demand showed no signs of revival and weather remained uncooperative, while production stayed high despite that some electric-arc-furnace mills reduced output amid lossmaking.
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China’s steel prices especially those for long have been softening amid the remaining lacklustre demand in the adverse summer weather.
