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Construction steel stocks at the 139 surveyed steelmakers across China continued to dwindle over April 12-18, with rebar and wire rod stocks being down 9.8% and 10.4% on week respectively, according to Mysteel's latest weekly survey released on April 20.
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Mysteel’s national average benchmark price of HRB 400 20mm dia rebar kept rising but at a slower pace, up merely Yuan 13/tonne ($2/t) day on day to Yuan 3,982/t including the 17% VAT as of April 20, as buying enthusiasm ebbed on recent price rises.
Across the country, the rebar price
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China's domestic steel prices both for long and flat continued with the upward momentum on April 19 mainly due to further declines of inventories for all the major steel products.
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The price of Q235 billet in Tangshan, the most resilient among all the traded steel products in China, increased by Yuan 30/tonne ($4.8/t) day on day to Yuan 3,490/t EXW and including the 17% VAT on April 17, mainly due to better demand for billet and the significant rise in sales of finished steel.
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Mysteel's national average benchmark price of HRB 400 20mm rebar dipped by a small Yuan 6/tonne ($1/t) on day to Yuan 3,899/t including the 17% VAT as of April 16, mainly due to poor sales and the negative sentiment held by traders.
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Long steel stocks at the 139 surveyed steel plants across China declined for another week during April 6-12, lower by 9.2% on week, according to Mysteel's latest survey released on April 13.
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Mysteel's national average benchmark price of HRB 400 20mm rebar rebounded by Yuan 15/tonne ($2/t) on day last Friday to Yuan 3,905/t including the 17% VAT, mainly due to better market sentiment among traders and improved downstream demand.
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Chinese trader and steelmaker inventories of five major steel products comprising rebar, wire rod, hot rolled and cold rolled coils and medium plate decreased over the April 8-12 period, falling by 5.1% and 6.5% on week respectively, according to Mysteel's latest weekly inventory surveys released on April 12 and April 13 respectively.
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Mysteel's national average benchmark of HRB 400 20mm rebar reversed down by Yuan 19/tonne ($3/t) on day to Yuan 3,890/t including the 17% VAT as of April 12, as most downstream users slowed down their purchasing pace after a few robust days earlier on.
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Mysteel's Tangshan Q235 billet benchmark, the weathervane of China's steel market, jumped another Yuan 50/tonne ($7.9/t) day on day to Yuan 3,460/t EXW including the 17% VAT on April 10, as suppliers, with low stocks, are keen to lift offering prices on noting the renewed interest of buying among traders and re-rollers on recent domestic steel price recovery.
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Mysteel's national average HRB 400 20mm rebar benchmark price decreased for the fourth successive day, down Yuan 9/tonne ($1.4/t) on day to Yuan 3,856/t including the 17% VAT as of April 9, though the pace slowed down on revival in demand and inventory declines as a result.
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The inventories of five major steel products including rebar, wire rod, HRC, CRC and medium plate both at the traders and steel mills decreased, down by 6.5% and 9.5% on week respectively over March 30-April 4 amid the continuing recovery in demand from the downstream users, according to Mysteel's latest weekly inventory surveys released on April 5 and April 8.
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China's Tangshan billet price, a barometer of the country's steel market, softened again after a temporary rebound during China's Qingming holiday on April 5-7, down Yuan 20/tonne ($3.2/t) on day to Yuan 3,390/t EXW and including 17% VAT for the Q235 grade on April 8, as the market was still pressured with high stocks at the traders.
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Long steel stocks at the 139 surveyed steel plants across China witnessed an obvious decline during March 30-April 5, down 12.22% on week, due to the rising demand both from downstream users and traders, according to Mysteel's latest survey released on April 7.
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China's rebar price reversed down after a sharp increase on April 2, with Mysteel daily average price of national HRB 400 20mm rebar edging down Yuan 5/tonne ($0.8/t) on day to Yuan 3,911/t including 17% VAT on April 3.
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Rebar prices in most parts of China rose noticeably on April 2 mainly in reaction to the soaring Tangshan billet price on March 31, and the national average HRB 400 20mm rebar benchmark price surged Yuan 109/tonne ($17.4/t) on day to Yuan 3,916/t including the 17% VAT on Monday.
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Rebar stocks among the 139 steelmakers across China surveyed by Mysteel during the March 23-29 week rose for a fourth successive week to climb by another 0.97% on week to 3.62 million tonnes. However, wire rod stocks declined 0.86% on week to 1.06 million tonnes, according to the weekly survey results released on March 30.
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Mysteel's national average benchmark of HRB 400 20mm rebar rebounded strongly by Yuan 33/tonne ($5/t) on day to Yuan 3,803/t including the 17% VAT as of March 30, reflecting a remarkable recovery in steel demand as well as improved market sentiment among traders.
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Mysteel average price of HRB 400 20mm rebar in Beijing edged up by another Yuan 20/tonne ($3.2/t) on day Wednesday to Yuan 3,700/tonne.
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The six-day slide in Chinese rebar prices ended on Tuesday with Mysteel's national average HRB 400 20mm rebar benchmark price finally rising, edging up Yuan 3/tonne ($0.5/t) on day to reach Yuan 3,764/t including the 17% VAT, according to market watchers.
