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On November 18, China’s average price for HRB 400 20mm dia rebar refreshed its 3.5-month high, reaching Yuan 4,024/tonne ($575/t), and the Tangshan Q235 150mm square billet price also increased to its nearly three-month high of Yuan 3,420/t EXW, both up for the fifth day and including the 13% VAT, and the spot long steel trading stayed robust in a cold winter.
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China’s steel export prices finally showed signs of recovery over November 9-15 after hovering low for some time, mainly thanks to the trend of strengthening prices in the global market and to the increase in domestic prices, Mysteel Global has learned from the market.
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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for January delivery jumped by Yuan 133/tonne ($19/t) on week to Yuan 3,545/t as of November 15.
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China’s pig iron production in October marked the first on-year decline for 2019, with output slipping by 2.7% to reach 65.58 million tonnes, according to the latest data released by the country’s National Bureau of Statistics (NBS) on November 14. The total tonnage was also down 1.7 million tonnes or 2.6% on month, the data show.
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China’s national average price for HRB400 20m dia rebar rose for the second day by another Yuan 22/tonne ($3.1/t) on day to Yuan 3,918/t including the 13% VAT as of November 13, as traders held firmly onto their offering prices and market sentiment stayed rather steady amid positive signs such as less supply with winter coming and the prospect of the trade talks between China and the U.S.
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On November 12, China’s national average benchmark price for HRB 400 20mm dia rebar recovered Yuan 12/tonne ($1.7/t) on day and the Tangshan Q235 150mm square billet price, another important indicator of China’s steel market, also reversed up Yuan 20/t on day, both in response to possible supply reduction with Beijing’s latest announcements on winter restrictions.
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China’s sales of excavators and other heavy machinery over January-October increased by 14.4% on year to 196,222 units, a historical high, according to the latest data released by the China Construction Machinery Association (CCMA) on November 9.
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China and the U.S. have agreed to roll back tariffs on each other’s goods in phases “at the same time” and “by the same degree” as part of the “phase one” trade deal if it is to be reached, Gao Feng, spokesman of China’s Ministry of Commerce (MoC) confirmed at the press conference in Beijing on November 7.
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China’s national average price for HRB400 20mm dia rebar has been on the uptrend since late October, up another Yuan 7/tonne ($1/t) on day to Yuan 3,895/t including the 13% VAT as of November 7, while the spot trading ebbed further, falling below the 200,000 tonnes after having persisted at and above the level since October 25.
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On November 6 China’ national average HRB 400 20mm dia rebar benchmark price increased for the third day by another Yuan 19/tonne ($2.7/t) on day, and the Tangshan Q235 150mm square billet benchmark price climbed up further too by Yuan 20/t on day, while spot construction steel trading eased after having risen for two days.
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Mysteel’s national average HRB 400 20mm dia rebar benchmark price steadied on November 1 at Yuan 3,852/tonne ($546.4/t) including the 13% VAT after a total gain of Yuan 27/t in the previous four working days, and spot steel trading remained largely stable at about the healthy level of around 200,000 tonnes.
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The most-traded rebar contract on the Shanghai Futures Exchange for delivery in January 2020 increased for a second straight week during October 28-November 1, gaining Yuan 36/tonne ($5/t) on week to reach Yuan 3,380/t at the close of day-time trading on Friday, mainly thanks to the continuous decline in retail steel stocks over the period, Mysteel Global learned.
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Sales of new-energy vehicles (NEVs) in China continue to show signs of stalling, given a series of negative factors including the prevailing softening economy, the county’s cooling automotive sector generally, and the reduction in subsidies for NEV purchases since late June, market sources said.
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China’s national average benchmark price for HRB 400 20mm dia rebar increased for five successive days as of October 31, up another Yuan 12/tonne ($1.7/t) on day to Yuan 3,852/t including the 13% VAT, the spot construction steel trading, however, continued to decline.
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China’s national average HRB400 20mm rebar price, a bellwether of the domestic steel market sentiment, reversed up Yuan 9/tonne ($1.3/t) from last Friday to Yuan 3,834/t including the 13% VAT as of October 28, but it remained at a relatively low level for the past month also.
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China’s domestic steel prices remain static, with Mysteel’s national average price for HRB400 20mm rebar losing a mere Yuan 3/tonne ($0.4/t) from October 24 to reach Yuan 3,825/t including the 13% VAT as of October 25. Meanwhile, for Q235 150mm square billet in Tangshan over October 25-27, the price also remained stable at Yuan 3,360/t EXW and including the 13% VAT as of October 27.
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Stocks of the five major steel products held be traders that Mysteel regularly surveys in 35 Chinese cities continued to decline over October 18-24, slipping by another 599,300 tonnes or 5.7% to 9.87 million tonnes, a low since January 18, according to Mysteel’s latest survey.
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CITIC Pacific Special Steel Group Co (CITIC Steel), the former Daye Special Steel Co, posted an increase of 37.3% on year in its net profit over January-September, according to the company’s latest Q3 report released on October 23. The growth was higher than the year-on-year 36.6% surge seen in the same period last year, Mysteel Global noted.
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Production of the four most popular electrical home appliances in China showed diverged results over the first nine months of this year, with output of the top contributor – air conditioners – showing a year-on-year increase of 6.4% to reach 170 million units, according to the latest data from China’s National Bureau of Statistics (NBS). However, the growth rate was 1.5 percentage points lower compared with that over January-August.
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Mysteel’s national average HRB400 20mm dia rebar benchmark price softened for the sixth day as of October 22 and refreshed its 1.5-month low, though the pace slowed down with the price down just another Yuan 5/tonne ($0.7/t) on day to Yuan 3,824/t including the 13% VAT as of October 22.
