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Chinese prices of imported iron ore for both port inventories and seaborne cargoes fell sharply on July 30 amid bearish market sentiment. Trading was also thin.
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On July 29, China’s rebar and billet prices had paused from the recent fluctuation, according to Mysteel’s assessments, as HRB400E 20mm dia rebar was the same on day at Yuan 5,452/tonne ($845/t), and Q235 square billet in North China’s Tangshan unchanged too at Yuan 5,240/t EXW, both including the VAT, while spot sales of construction steel inclined for the second day.
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China’s imported iron ore market saw prices for both port inventories and seaborne cargoes decrease on July 29, and trading in the portside market stayed thin.
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On July 28, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment reversed from three working days of rises, slipping by Yuan 15/tonne ($2.3/t) on day, indicating that the market might have fully digested the support of the possible wide-range steel output cuts on the prices, while spot sales of construction steel including rebar rebounded by 6.3% after having fallen for three working days.
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China’s imported iron ore prices for both seaborne cargoes and port stocks increased on July 28. Trading activities were mixed throughout the day, however.
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On July 27, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment gained for the third working day by Yuan 14/tonne ($2.2/t) on day, still reacting to the growing market optimism on wide-range production curbs in China now that more provinces have reportedly issued restrictive measures, while spot sales of construction steel fell for the third working day by 19.3% on day.
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China’s imported iron ore prices for both port inventories and seaborne cargoes decreased on July 27, with trading cooling as well.
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On July 26, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment strengthened for the second working day, or up substantially by Yuan 66/tonne ($10.2/t) from last Friday, mainly to reflect the growing market optimism with anticipated less output, while spot sales of construction steel including rebar eased for the second working day by 2.8% from last Friday in the off season.
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China’s imported iron ore market saw prices for port inventories and seaborne cargoes increase on July 26, though seaborne market trading activity eased.
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Prices for imported iron ore in China's portside and seaborne markets dropped further on July 23, with trading in both markets remaining subdued.
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On July 22, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment stayed largely stable, down merely Yuan 1/tonne ($0.15/t) on day, while spot sales of construction steel including rebar among China’s 237 traders under Mysteel’s tracking recovered from two days of drop, up 18.4% on day, probably due to the declines in rebar stocks at both the traders and steel mills and the rebound in rebar futures on the Shanghai Futures Exchange.
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China’s imported iron ore prices lost ground on July 22, with some traders sharply cutting offer prices to attract buyers.
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On July 21, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment recovered from a one-day drop, up Yuan 6/tonne ($0.9/t) on day, but spot sales of construction steel including rebar among China’s 237 traders under Mysteel’s tracking ebbed for the second assessment day, down another 11.5% on day, as domestic steel demand continued to weaken with the wide-range high temperatures or heavy rainfalls in China.
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China’s imported iron ore market saw prices for port inventories and seaborne cargoes decrease on July 21, with trading cooling as well.
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On July 20, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment paused from four working days of rises, down but just Yuan 7/tonne ($1.1/t) on day, while spot sales of construction steel including rebar among China’s 237 traders under Mysteel’s tracking also declined by 4.3% on day after growing for two working days, indicating the pressure from the subdued spot demand.
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Chinese prices of imported iron ore for both port inventories and seaborne cargoes dipped on July 20, with trading still flat.
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China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment reached a near two-month high of Yuan 5,344/tonne ($824/t) and including the 13% VAT on July 19, up by Yuan 68/t from last Friday and increasing for a fourth working day.
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The price for Chinese iron ore port stocks slipped on July 19, while that for seaborne cargoes increased slightly. Trading in the portside market also improved compared to last Friday.
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China’s national HRB400E 20mm dia rebar price, the indicator of China’s steel market performance, nudged up another Yuan 9/tonne ($1.4/t) on day to Yuan 5,276/t including the 13% VAT as of July 16, refreshing a nearly two-month high even though trading remained rangebound, indicating that market sentiment had been largely steady in the low steel consumption season.
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China’s national price of HRB400E 20mm dia rebar increased for the second successive day on July 15, according to Mysteel’s assessment, surging by Yuan 32/tonne ($5/t) on day to Yuan 5,267/t including the 13% VAT. Market participants anticipate more production curbs being imposed on steelmakers, even though government authorities have yet to issue any official notice.
